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Calculate cash available upon liquidation of business. Kimber Co. is in the process of liquidating and going out of business. The firm's accountant has provided the following balance sheet and additional information:
It is estimated that all but 12 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 85 percent of its cost. Buildings and equipment can be sold at $80,000 above book value (the difference between original cost and accumulated depreciation shown on the balance sheet), and the land can be sold at its current appraisal value of $130,000. In addition to the liabilities included in the balance sheet, $4,800 is owed to employees for their work since the last pay period, and interest of $10,500 has accrued on notes payable and long term debt.Required:
a. Calculate the amount of cash that will be available to the stockholders if the accounts receivable are collected, the other assets are sold as described, and all liabilities and other claims are paid in full.
b. Briefly explain why the amount of cash available to stockholders (computed in part a) is different from the amount of total stockholders' equity shown in the balance sheet.
What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
RPR, Inc., anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow.
Assume that you have the following cash flows at the following times: 0: -$100 1: $0 2: $100 3: $200 What is the Annual Equivalent (A) of this series of Cash Flows for time periods (0, 1, 2, 3) i=10%.
Suppose the value of the S&P 500 Stock Index is currently $1,200. If the one-year T-bill rate is 3% and the expected dividend yield on the S&P 500 is 2%, what should the one-year maturity futures price be? What if the T-bill rate is less than the div..
What steps are involved in planning the costing framework, how much time should be expended on account review?
1. fink insurance collected premiums of 18800000 from its customers during the current year. the adjusted balance in
Prepare the journal entries to record the transactions of Henrietta Sweeney Ltd up to and including that which took place on 15 October 2014. Show all relevant dates, narrations and workings.
Levine Company used the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Sunstrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Prepare journal e..
Taxable income for 2011 is $180 million and the tax rate is 40%. Prepare journal entry(s) to record Payne’s income taxes for 2011, assuming it is more likely than not that one-half of the deferred tax asset will ultimately be realized.
you are a staff accountant in a cpa firm. your manager has asked you to provide a report containing accounting
Estimating future retirement Needs. Assume Jared and Trish Roberts needs 26,792 each year for the first 20 years after their retirement, and 20,000 each year for the next 5 years, re-compute the amounts for Line N and Line Q.
(Learning Objective 4: Compute ratio data to evaluate operations) Cola Company made sales of $35,376 million during 2012. Cost of goods sold for the year totaled $15,437 million. At the end of 2011, Cola’s inventory stood at $1,672 million, and Cola ..
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