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Lester
Torres
$49,000
61,000
27,000
$137,000
Hearst
Total
Member
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 "O".
Arcadia Sales, LLC
Statement of LLC Liquidation
For the Period August 1-31
Member
Member
Equity
Noncash
Equity Equity
Cash + Assets
Lester (2/5)+
Liabilities +
Torres (2/5) + Hearst (1/5)
Balances before realization
26,000 146,000 35,000
Sale of assets and division of gain
1,004
Balances after realization
184,000 ✓
Payment of liabilities
Balances after payment of liabilities
Cash distributed to members
Final balances
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