what percentage interest of bonanza did justin thomas acquire 554335
EX 12-18 Statement of members’ equity, admitting new member
The statement of members’ equity for Bonanza, LLC, is shown below.
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Bonanza, LLC |
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Statement of Members’ Equity |
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For the Years Ended December 31, 2012 and 2013 |
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Idaho |
Silver |
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Properties, |
Holdings, |
Justin |
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LLC, |
LLC, |
Thomas |
Total |
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Member |
Member |
Member |
Members’ |
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Equity |
Equity |
Equity |
Equity |
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Members’ equity, December 31, 2011 |
$552,000 |
$420,500 |
$972,500 |
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Net income |
128,000 |
192,000 |
320,000 |
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Members’ equity, December 31, 2012 |
$680,000 |
$612,500 |
$1,292,500 |
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Thomas contribution, January 1, 2013 |
8,000 |
12,000 |
$250,000 |
270,000 |
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Net income |
90,000 |
225,000 |
135,000 |
450,000 |
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Less member withdrawals |
(32,000) |
(48,000) |
(50,000) |
(130,000) |
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Members’ equity, December 31, 2013 |
$746,000 |
$801,500 |
$335,000 |
$1,882,500 |
a. What was the income-sharing ratio in 2012?
b. What was the income-sharing ratio in 2013?
c. How much cash did Justin Thomas contribute to Bonanza, LLC, for his interest?
d. Why do the member equity accounts of Idaho Properties, LLC, and Silver Holdings, LLC, have positive entries for Justin Thomas’ contribution?
e. What percentage interest of Bonanza did Justin Thomas acquire?
f. Why are withdrawals less than net income?
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