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a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio. Idaho Properties, LLC _______% Silver Streams, LLC _______ %   b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio. Idaho Properties, LLC ____________% Silver Streams, LLC ____________% Thomas Dunn ____________% c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio. Idaho Properties, LLC _______% Silver Streams, LLC _______ %   b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio. Idaho Properties, LLC ____________% Silver Streams, LLC ____________% Thomas Dunn ____________% c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

FINANCIAL ACCOUNTING
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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a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio.

Idaho Properties, LLC _______%
Silver Streams, LLC _______ %

 

b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio.

Idaho Properties, LLC ____________%
Silver Streams, LLC ____________%
Thomas Dunn ____________%

c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

d) What percentage interest of Bonanza did Thomas Dunn acquire?

The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4 Idaho Silver Thomas Properties, Streams, Total Dunn, LLC, LLC, Members' Member Member Member Equity Equity Equity Equity Members' equity, January 1, 20Y3 $1,041,500 $1,013,500 $2,055,000 Net income 408,000 272,000 680,000 Members' equity, December 31, 20Y3 $1,449,500 $1,285,500 $2,735,000 Dunn contribution, January 1, 20Y4 27,300 18,200 $569,500 615,000 Net income 388,000 485,000 97,000 970,000 Member withdrawals (139,700) (101,900) (35,900) (277,500) Members' equity, December 31, 20Y4 $1,725,100 $1,686,800 $630,600 $4,042,500
Transcribed Image Text:The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4 Idaho Silver Thomas Properties, Streams, Total Dunn, LLC, LLC, Members' Member Member Member Equity Equity Equity Equity Members' equity, January 1, 20Y3 $1,041,500 $1,013,500 $2,055,000 Net income 408,000 272,000 680,000 Members' equity, December 31, 20Y3 $1,449,500 $1,285,500 $2,735,000 Dunn contribution, January 1, 20Y4 27,300 18,200 $569,500 615,000 Net income 388,000 485,000 97,000 970,000 Member withdrawals (139,700) (101,900) (35,900) (277,500) Members' equity, December 31, 20Y4 $1,725,100 $1,686,800 $630,600 $4,042,500
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