Chat with AI
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 53
Statement of members' equity, admitting new member
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
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
Explanation
Verified
Verified
a.Compute the income sharing ratio in 20...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
