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Problem - Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $40,000 and $30,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000.
a. Determine the division of $148,000 net income for the year.
b. If the net income was less than the sum of the salary allowances, how would income be divided between the two members of the LLC?
Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number
Try to apply each of the motivational approaches to explain what happened. Which of the approaches offers the most appropriate explanation? Why
hardigan manufacturing company reported the following year-end information beginning work in process inventory 80000
paget inc. has a target debt?equity ratio of 1.25. its wacc is 9.2 percent and the tax rate is 35 percent.a. if the
To support your discussion, critically review evidence from the literature and illustrate your points by providing appropriate examples from the literature. Take into account:- Alternatives to traditional budgeting
Examine the time card for the approval of a foreman. Recompute hours on the time card and compare the total with the total hours for which the employee has been paid.
Suppose you are Hardy's agent and you wish to evaluate the two contracts using a required rate of return of 12 percent. In present value terms
stanford coop uses a standard cost system to account for the costs of its one product. materials standards are 3.0
Find Which is not a(n) consensus mechanism? Practical Byzantine Fault Tolerance. / Node compliance. / Multi-signature. / Proof of stake
Assignment Question
What is a "pass-through" agency-fund and under what conditions is it appropriate to use such a fund?
good internal controls are essential for effective and efficient operations of an enterprise. the downside is excessive
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