Jake owns The Corner Market which he is trying to sell so that he can retire and

Question:

Jake owns The Corner Market which he is trying to sell so that he can retire and travel. The Corner Market owns the building in which it is located. This building was built at a cost of $1,200,000 and is currently appraised at $1,420,000. The counters and fixtures originally cost $712,000 and are currently valued at $406,000. The inventory is valued on the at $368,000 and has a retail market value equal to 1.2 times its cost. Jake expects the store to collect 92 percent of the $216,200 in accounts receivable. The firm has $10,600 in cash and has total debt of $1,450,000. What is the market value of this firm?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...