Answers
Solution a:
| Schedule of Divison of income | ||||
| Particulars | WLKT Partners | Madison Senders | Observer Newspaper LLC | Total |
| Salary Allowance | $1,82,700 | $1,82,700 | ||
| Interest Allowance (beginning capital *18%) | $56,700 | $14,400 | $34,200 | $1,05,300 |
| Remaining Income (610,000 - $182,700 - $105,300 = $322,000) WLKT ($322,000*4/10) Madison ($322,000*3/10) Observer ($322,000*3/10) | $1,28,800 | $96,600 | $96,600 | $3,22,000 |
| Net Income | $1,85,500 | $2,93,700 | $1,30,800 | $6,10,000 |
Solution b:
| Journal Entries - Marvel Media LLC | ||
| Particulars | Debit | Credit |
| Divison of net income: | ||
| Income Summary Dr | $6,10,000 | |
| To WLKT Partners, Members equity | $1,85,500 | |
| To Madison Senders Members equity | $2,93,700 | |
| To Observer Newspaper Members equity | $1,30,800 | |
| (Being Net income distributed among partners) | ||
| Withdrawl of Individual Member 's Equity: | ||
| WLKT Partners Member's Equity Dr | $56,700 | |
| Madison Senders Member's Equity Dr | $1,97,100 | |
| Observer Newspaper LLC Member's Equity Dr | $34,200 | |
| To Cash A/c | $2,88,000 | |
| (Being salary and interest withdrawn by partners) | ||
Solution c:
| Marvel Medial LLC | ||||
| Statement of Member's Equity | ||||
| For year ended December 31' 20Y2 | ||||
| Particulars | WLKT Partners | Madison Senders | Observer Newspaper LLC | Total |
| Balances, Janauar 1, 20Y2 | $3,15,000 | $80,000 | $1,90,000 | $5,85,000 |
| Add: Capital Additions | $80,000 | $80,000 | ||
| $3,95,000 | $80,000 | $1,90,000 | $6,65,000 | |
| Add: Net Income for the year | $1,85,500 | $2,93,700 | $1,30,800 | $6,10,000 |
| $5,80,500 | $3,73,700 | $3,20,800 | $12,75,000 | |
| Less: Member's Withdrawl | $56,700 | $1,97,100 | $34,200 | $2,88,000 |
| Balances, December'31 20Y2 | $5,23,800 | $1,76,600 | $2,86,600 | $9,87,000 |
Solution d:
Without an income sharing agreement, each member capital will be credited with an equal proportion of the total earnings or one third each. Separate contribution should be acknowledged in the income sharing formula.
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