Prepare a statement of llc liquidation

Reference no: EM131989173

Problem

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, 2016, are as follows:

Lester $49,000

Torres 61,000 Hearst 27,000

Total $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 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". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31, 2016.

Reference no: EM131989173

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