Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement of LLC Liquidation Hall, Lang, and Das are members of Capital Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The

image text in transcribed
image text in transcribed
Statement of LLC Liquidation Hall, Lang, and Das are members of Capital 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 May 1, 2016, are as follows: Hall $33,600 Lang 77,600 Das 48,300 Total $159,500 In winding up operations during the month of May, noncash assets with a book value of $209,800 are sold for $260,200, and liabilities of $67,500 are satisfied. Prior to realization, Capital Sales has a cash balance of $17.200. a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiendes, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter"0 Capital Sales, LLC Statement of LLC Liquidation For the Period May 11, 2015 Member Euty 2/5) Member Equity ng Cash Nocash Assets - Latest 517,200 200 100 67,500 33.600 77,600 Balances before realization Sale of assets and vision of Balances after relation Payment of abilities Balances after payment of eBook Calculator Total $159,500 In winding up operations during the month of May, noncash assets with a book value of $209,800 are sold for $260,200, and liabilities of $67,500 are satisfied. Prior to realization, Capital Sales has a cash balance of $17,200. 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 "om. Capital Sales, LLC Statement of LLC Liquidation e r the Pied May 131. 2016 Noncach Assets Member Equity Hall (2/5) Member Equity Das Lates Member Equity lang (2/5) + (1/5) Balances before realization $ 209 ROOS $ 3.600 $ 77,600 48.300 Sale of assets and division of Balances after realization Payment of liabilities Balances after payment of Distribution of cash to members Final balances chy Previous Next > Check My Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excel Para Auditores Aplicando Excel A La Auditoria

Authors: Antonio P. Peralta C.

1st Edition

9945803697, 978-9945803693

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago