In Order To Assist In Revenue Realization, A(N) ________ Allocates Resources Throughout The Firm.

Which of the following represents the normal sequence in which the below budgets are prepared?

a. Sales Budget, Budgeted Balance Sheet, Budgeted Income Statement

b. Budgeted Balance Sheet, Sales Budget, Budgeted Income Statement

c. Sales Budget, Budgeted Income Statement, Budgeted Balance Sheet

d. Budgeted Income Statement, Sales Budget, Budgeted Balance Sheet

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Financial statements are typically prepared in the following order:

a. Balance sheet, statement of owner”s equity, income statement.

You are watching: In order to assist in revenue realization, a(n) ________ allocates resources throughout the firm.

b. Statement of owner”s equity, balance sheet, income statement.

c. Income statement, balance sheet, statement of owner”s equity.

d. Income statement, statement of owner”s equity, balance sheet.

e. Balance sheet, income statement, statement of owner”s equity.

 

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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. Themembers decide to liquidate the limited liability company. Themembers” equity prior to liquidation and asset realization onAugust 1 are as follows:

Lester $27,900
Torres 64,500
Hearst 40,100
Total $132,500

In winding up operations during the month of August, noncashassets with a book value of $174,200 are sold for $216,000, andliabilities of $58,200 are satisfied. Prior to realization, ArcadiaSales has a cash balance of $16,500.

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a. Prepare a statement of LLC liquidation.Enter any subtractions (balance deficiencies, payments, cashdistributions, divisions of loss, sale of assets) as negativenumbers using a minus sign. If an amount is zero, enter “0”.

Arcadia Sales, LLC
Statement of LLC Liquidation
Forthe Period August 1-31
Cash + NoncashAssets = Liabilities + MemberEquityLester (2/5) + MemberEquityTorres (2/5) + MemberEquityHearst (1/5)
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 $ $ $ $ $

$

b. Provide the journal entry for the final cashdistribution to members. For a compound transaction, if an amountbox does not require an entry, leave it blank.

Lester, Member Equity
Torres, Member Equity
Hearst, Member Equity
Cash

c.

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What is the role of the income- andloss-sharing ratio in liquidating a LLC?

The income- and loss-sharing ratio is only used to on therealization of asset sales. It used for the final distribution.

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