Reference no: EM132968669
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 $8,600
Torres 20,000
Hearst 12,400
Total $41,000
In winding up operations during the month of August, noncash assets with a book value of $54,000 are sold for $67,000, and liabilities of $18,400 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $5,400.
Problem 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".
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