The statement of members equity for Bonanza, LLC, follows: a. What was the income-sharing ratio in 2016?
Question:
The statement of members’ equity for Bonanza, LLC, follows:
a. What was the income-sharing ratio in 2016?
b. What was the income-sharing ratio in 2017?
c. How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest?
d. Why do the member equity accounts of Idaho Properties, LLC, and Silver Streams, LLC, have positive entries for Thomas Dunn’s contribution?
e. What percentage interest of Bonanza did Thomas Dunn acquire?
f. Why are withdrawals less than net income?
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a The incomesharing ratio in 2016 can be determined by dividing the net income allocated to each member by the total net income of 102000 From the sta...View the full answer
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Related Book For 
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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