Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres Hearst Total $49,000 61,000 27,000 $137,000 In winding up operations during the month of August, noncash assets with a book value of $146,000 are sold for $158,000, and liabilities of $35,000 are satisfied. Prior to realiza Arcadia Sales has a cash balance of $26,000. a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using minus sign. If an amount is zero, enter "0". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 hor Member

Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres Hearst Total $49,000 61,000 27,000 $137,000 In winding up operations during the month of August, noncash assets with a book value of $146,000 are sold for $158,000, and liabilities of $35,000 are satisfied. Prior to realiza Arcadia Sales has a cash balance of $26,000. a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using minus sign. If an amount is zero, enter "0". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 hor Member

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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Statement of LLC Liquidation
Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability
company. The members' equity prior to liquidation and asset realization on August 1 are as follows:
Lester
Torres
Hearst
Total
$49,000
61,000
27,000
$137,000
Show Me How
In winding up operations during the month of August, noncash assets with a book value of $146,000 are sold for $158,000, and liabilities of $35,000 are satisfied. Prior to realization,
Arcadia Sales has a cash balance of $26,000.
<
a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a
minus sign. If an amount is zero, enter "0".
Balances before realization
Sale of assets and division of gain
Balances after realization
Cash +
26,000 ✔
158,000
Arcadia Sales, LLC
Statement of LLC Liquidation
For the Period August 1-31
184,000 ✔
Noncash
Assets =
146,000
-146,000 ✓
0
Liabilities +
$35,000 ✔
0 ✓
35,000 ✔
Member
Equity
Lester (2/5)+
49,000
Member
Member
Equity
Equity
Torres (2/5)+ Hearst (1/5)
61,000 ✓
27,000 ✓
X
X
<Previous
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