Question

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 $29,700 Torres 68,700 Hearst 42,700 Total $141,100 In winding up operations during the month of August, noncash assets with a book value of $185,800 are sold for $230,400, and liabilities of $62,700 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $18,000. 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".

Answer 1

Arcadia sales, LLC

Statement of LLC liquidation

For the period August 1- 31