Business, 05.03.2021 23:40 jayzeptor

Martin Farley and Ashley aark formed a ed liability company with an agreement that provided a salary allowance of $41,400 and operating specified an income-sharing ratio of 3:1. $32,100 to each member, respectively. In addition, the operating agreement The two members withdrew amounts equal to their salary allowances. Note: The reduction in members equity from withdrawals would be disclosed on the statement of members' equity. Required:
a. Determine the division of s149,600 net income for the year.
b. On December 31, provide journal entries to close the (1)income summary and (2)drawing accounts for the two members.
c. If the net income were less than the sum of the salary alowances, how would income be dvided between the two members the LLC

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