Limited Liability Company It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal. The division of $148,000 net income between the partners.

Question

Can you explain this general accounting question using accurate calculation methods?

Answer 1

Question

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

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Answer 2

Question

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

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Answer 3

Question

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Answer 6

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

Answer 7

Chapter 12, Problem 12.7EX

a.

To determine

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

Answer 8

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

Answer 9

b. 1

To determine

To provide: The journal entries to close the revenues and expenses for the two members.

Answer 10

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Answer 11

c.

To determine

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Answer 12

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Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Limited Liability Company It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal. The division of $148,000 net income between the partners.

Solution Summary: The author explains the division of 148,000 net income between the partners.

Concept explainers

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

The division of $148,000 net income between the partners.

To provide: The journal entries to close the revenues and expenses for the two members.

To explain: If the net income was less than the sum of salary allowance, how would income is divided between two members?

Chapter 12 Solutions