Exploit Media, LLC, has three members: WACS Partners, Elyse Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 20Y2. Elyse Reilly received an annual salary allowance of $76,000 during 20Y2. The members equity accounts are also credited with 10% interest on each member January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,000, and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank.
Schedule of Division of Income
WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total
Salary allowance fill in the blank 33d471019ffe024_1 $fill in the blank 33d471019ffe024_2 fill in the blank 33d471019ffe024_3 $fill in the blank 33d471019ffe024_4
Interest allowance $fill in the blank 33d471019ffe024_5 fill in the blank 33d471019ffe024_6 $fill in the blank 33d471019ffe024_7 fill in the blank 33d471019ffe024_8
Remaining income (4:3:3) fill in the blank 33d471019ffe024_9 fill in the blank 33d471019ffe024_10 fill in the blank 33d471019ffe024_11 fill in the blank 33d471019ffe024_12
Net income $fill in the blank 33d471019ffe024_13 $fill in the blank 33d471019ffe024_14 $fill in the blank 33d471019ffe024_15 $fill in the blank 33d471019ffe024_16
b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank.
(1) fill in the blank 5ea98d08301305c_2 fill in the blank 5ea98d08301305c_3
fill in the blank 5ea98d08301305c_5 fill in the blank 5ea98d08301305c_6
fill in the blank 5ea98d08301305c_8 fill in the blank 5ea98d08301305c_9
fill in the blank 5ea98d08301305c_11 fill in the blank 5ea98d08301305c_12
fill in the blank 5ea98d08301305c_14 fill in the blank 5ea98d08301305c_15
(2) fill in the blank 5ea98d08301305c_17 fill in the blank 5ea98d08301305c_18
fill in the blank 5ea98d08301305c_20 fill in the blank 5ea98d08301305c_21
fill in the blank 5ea98d08301305c_23 fill in the blank 5ea98d08301305c_24
fill in the blank 5ea98d08301305c_26 fill in the blank 5ea98d08301305c_27
fill in the blank 5ea98d08301305c_29 fill in the blank 5ea98d08301305c_30
fill in the blank 5ea98d08301305c_32 fill in the blank 5ea98d08301305c_33
c. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank.
Exploit Media, LLC
Statement of Members' Equity
For the Year Ended December 31, 20Y2
WACS Partners Madison Nelson Encounter Newspaper, LLC Total
Balances, January 1, 20Y2 $fill in the blank 90201cfdafe4ffb_1 $fill in the blank 90201cfdafe4ffb_2 $fill in the blank 90201cfdafe4ffb_3 $fill in the blank 90201cfdafe4ffb_4
Capital additions fill in the blank 90201cfdafe4ffb_5 fill in the blank 90201cfdafe4ffb_6 fill in the blank 90201cfdafe4ffb_7 fill in the blank 90201cfdafe4ffb_8
Net income for the year fill in the blank 90201cfdafe4ffb_9 fill in the blank 90201cfdafe4ffb_10 fill in the blank 90201cfdafe4ffb_11 fill in the blank 90201cfdafe4ffb_12
Member withdrawals fill in the blank 90201cfdafe4ffb_13 fill in the blank 90201cfdafe4ffb_14 fill in the blank 90201cfdafe4ffb_15 fill in the blank 90201cfdafe4ffb_16
Balances, December 31, 20Y2 $fill in the blank 90201cfdafe4ffb_17 $fill in the blank 90201cfdafe4ffb_18 $fill in the blank 90201cfdafe4ffb_19 $fill in the blank 90201cfdafe4ffb_20