The statement of members' equity for Bonanza, LLC, follows:Bonanza, LLCStatement of Members' EquityFor the Years Ended December 31, 20Y3 and 20Y4IdahoSilverProperties,LLC,MemberEquityThomasStreams,LLC,MemberEquityTotalMembers'Dunn,MemberEquityEquity$ 580,000Members' equity, January 1, 20Y3$273,000$307,000Net income57,000133,000190,000$ 770,000Members' equity, December 31, 20Y3Dunn contribution, January 1, 20OY4$330,000$440,000$220,0003,0007,000230,000137,500250,000Net income62,50050,000Member withdrawals(32,000)$363,500(48,000)(40,000)$230,000(120,000)$1,130,000$536,500Members'equity, December 31, 20Y4a. What was the income-sharing ratio in 20Y3?b. What was the income-sharing ratio in 20Y4?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?

Answered: The statement of members' equity for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is the balance sheet of Novak Corporation for the current year, 2020. NOVAK CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 488,570 Current liabilities $ 383,570 Investments 643,570 Long-term liabilities 1,003,570 Property, plant, and equipment 1,723,570 Stockholders’ equity 1,773,570 Intangible assets 305,000 $3,160,710 $3,160,710 The following information is presented. 1. The current assets section includes cash $153,570, accounts receivable $173,570 less $13,570 for allowance for doubtful accounts, inventories $183,570, and unearned rent revenue $8,570. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $43,570; investments in common stock, short-term $83,570 and long-term $273,570; and bond sinking fund $242,860. The cost and fair value of investments in common stock are the…
Financial Accounting & Reporting: Dividend Distribution
Statement of Shareholders' Equity On January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,800 Common stock, $5 par 37,500 Additional paid-in capital on preferred stock 21,500 Additional paid-in capital on common stock 58,700 Total contributed capital $210,500 Retained earnings 185,000 Total Shareholders' Equity $395,500 During 2019, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $120 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2019. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2019. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December…
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A Corporation provided the following information for the current year: Income from continuing operation 2,000,000Loss on credit risk of financial liability at FVPL 200,000Revaluation surplus 1,500,000Loss from discontinued operation 300,000Unrealized gain on financial asset – FVPL 900,000Net “remeasurement” gain on defined benefit plan during the year 400,000 Unrealized gain on equity investment – FVOCI 1,000,000Investment gain on debt investment – FVOCI 900,000Unrealized loss on future contract designated as a cashflow hedge 200,000Translation gain on foreign operation 300,000 [Q7]: Determine the total amount of (21) other comprehensive income and (22) comprehensive income for the current year.
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Subject : Accounting
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