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The two members withdrew amounts equal to their salary

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1. Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $75,000 and $60,000 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.

(a) Determine the division of $188,000 net income for the year.

(b) Provide journal entries to close the 

(1) Income summary and 

(2) Drawing accounts for the two members.

Reference no: EM131125784

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