Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,000, $55,000, and $220,000, respectively....


Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the<br>three members had equity of $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to<br>Exploit Media, LLC, on June 1, 20Y2. Elyse O'Reilly received an annual salary allowance of $76,000 during 20Y2. The members'<br>equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining income is to be<br>shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2<br>were $1,730,000, $1,236,000, and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by<br>the members.<br>a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank.<br>Schedule of Division of Income<br>WACS Partners<br>Elyse O'Reilly<br>Encounter Newspaper, LLC<br>Total<br>Salary allowance<br>76,000<br>Interest allowance<br>$<br>Remaining income (4:3:3)<br>

Extracted text: Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, 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 O'Reilly received an annual salary allowance of $76,000 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 76,000 Interest allowance $ Remaining income (4:3:3)

Jun 10, 2022
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