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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
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 Torres Hearst Total In winding up operations during the month of August, noncash assets with a book value of $132,400 are sold for $164,200, and liabilities of $44,300 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $12,600 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" $21,200 49,000 30,500 $100,700 Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 Member Equity Member Equity Member Equity Noncash Assets= Liabilities+ Lester (2/5) + Torres (2/5) + Hearst (1/5) Cash+ Balances before realization Sale of assets and division of gain Balances after realization Payment of liabilities Balances after payment of liabilities Distribution of cash to members Final balances
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