On June 1, 2022, Secretly Canadian Company prepared a balance sheet that shows the following:

Assets (no cash) .............................................................. $100,000 Liabilities .......................................................................... 45,000 Stockholders' Equity ........................................................ 55,000 Shortly thereafter, all of the assets were sold for cash. How would the balance sheet appear immediately after the sale of the assets for cash for each of the following cases?

Transcribed Image Text:

Cash Received for the Assets Case A $110,000 Case B 100,000 Case C 90,000 Balances Immediately After Sale Assets Liabilities Stockholders' Equity