Lucky, LLC, has four members: Amber, Brandon, Crystal, and Drew. Amber and Brandon each contributed $30,000, and Crystal and Drew each contributed $50,000 to form the company. Profits and losses are shared based on the values of members' contributions, unless stated otherwise. Calculate the profit (loss) that should be allocated to each of the members using the information above. Indicate losses by using a leading minus (-) sign.

Situation

1. Lucky had a net loss of $20,000. The members have agreed to allocate profits based on the values of members' contributions and allocate losses equally among the members.

2. Lucky had a net gain of $30,000.

3. Lucky had a net loss of $40,000, and all the members have agreed to allocate profits and losses based on the Uniform Limited Liability Company Act.

4. Lucky had a net loss of $80,000.

Transcribed Image Text:

Calculate the profit (loss) that should be allocated to each of the members using the information above. Indicate losses by using a leading minus (-) sign. Situation 1. Lucky had a net loss of $20,000. The members have agreed to allocate profits based on the values of members' contributions and allocate losses equally among the members. 2. Lucky had a net gain of $30,000. 3. Lucky had a net loss of $40,000, and all the members have agreed to allocate profits and losses based on the Uniform Limited Liability Company Act. 4. Lucky had a net loss of $80,000. Amber 123 Brandon Crystal 123 123 Drew 123 123 123 123 123 123 123 123 123 123 123 123 123 Calculate the profit (loss) that should be allocated to each of the members using the information above. Indicate losses by using a leading minus (-) sign. Situation 1. Lucky had a net loss of $20,000. The members have agreed to allocate profits based on the values of members' contributions and allocate losses equally among the members. 2. Lucky had a net gain of $30,000. 3. Lucky had a net loss of $40,000, and all the members have agreed to allocate profits and losses based on the Uniform Limited Liability Company Act. 4. Lucky had a net loss of $80,000. Amber 123 Brandon Crystal 123 123 Drew 123 123 123 123 123 123 123 123 123 123 123 123 123