Reference no: EM131038917
Statement of Members' Equity, Admitting New Member The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 2016 and 2017 Idaho Properties, LLC, Member Equity Silver Streams, LLC, Member Equity Thomas Dunn, Member Equity Total Members' Equity Members' equity, January 1, 2016 $273,000 $307,000 $580,000 Net income 57,000 133,000 190,000 Members' equity, December 31, 2016 $330,000 $440,000 $770,000 Dunn contribution, January 1, 2017 3,000 7,000 $220,000 230,000 Net income 62,500 137,500 50,000 250,000 Less member withdrawals (32,000) (48,000) (40,000) (120,000) Members' equity, December 31, 2017 $363,500 $536,500 $230,000 $1,130,000 a. What was the income-sharing ratio in 2016? Enter the percentage per member and then select the ratio. Idaho Properties, LLC % Silver Streams, LLC % Ratio b. What was the income-sharing ratio in 2017? Enter the percentage per member and then select the ratio. Idaho Properties, LLC % Silver Streams, LLC % Thomas Dunn % Ratio 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? The positive entries to Idaho Properties and Silver Streams are the result of Thomas Dunn. e. What percentage interest of Bonanza did Thomas Dunn acquire? % f. Why are withdrawals less than net income? Withdrawals will be less when the members wish to capital in the business to business growth.
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Are you able to reduce your taxable income enough
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Entries to idaho properties and silver streams
: Statement of Members' Equity, Admitting New Member The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 2016 and 2017 Idaho Properties, LLC, Member Equity Silver Str..
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