3 Kimber Co. Is In the process of liquidating and golng out of business. The firm's accountant has provided the following balance sheet and additional Information: $ 18,500 63,500 113,000 $50,000 345,000 (194,500 $195,000 200,500 $395,500 Assets Canh Accounts receivable Merchandise inventory Total current asseta Land Duildings & equipment Leon Accumulated depreciation Total land, buildings, & equipment Total assete Liabilities and stockholders' Equity Accounts payable Notes payable Total current Habilities Long-term debt Total liabilities Stockholdere quity Common stock, no par Retained earning Total stockholders equity Total liabilities and stockholders' equity # 45,200 59,200 $104,400 52,600 9156,400 $ 110,000 129,200 239, 100 $395,500 It is estimated that all but 20 percent of the accounts receivable can be collected and that the merchandise Inventory can be disposed It is estimated that all but 20 percent of the accounts recevable can be collected, and that the merchandise Inventory can be disposed of in a liquidation sale for 80 percent of its cost. Bulidings and equipment can be sold at $40,000 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 $64.000. In addition to the labilities included in the balance sheet, $2,090 is owed to employees for their work since the last pay period, and interest of $5,120 has accrued on notes payable and long-term debt Required: a. Calculate the amount of cash that will be avall able 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 Answer is not complete. Total cash available induding sale of assets) Cash Accounts receivable Merchandise inventory Land OOO 0 Total cash available to stockholders $ 18,500 63,500 113,000 $ 195,000 $ 50,000 345,000 (194,500) 200,500 $395,500 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings & equipment Less: Accumulated depreciation Total land, buildings, & equipment Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 45,200 59,200 $104,400 52,000 $156,400 $ 110,000 129, 100 239, 100 $395,500 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: $ 18,500 63,500 113.000 $199,000 550.000 345,000 (194,500) Assets Cash Accounts receivable Merchandise inventory Total current Assets Land buildings equipent toast cumulated depreciation Total land, buildings, soinent Total sote Liabilities and stockholders' Equity counts payable Motos payable Total current liabetes Loterm debe Total abilities Stockholdere By Conton stock, no par Notandani Total stockholderity Total till and stockholder 200, 500 $395.500 45.200 59200 $104,400 52,000 $156,400 110.000 120.00 230100 $295.SOD It is estimated that all but 20 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 30 percent of its cost Buildings and equipment can be sold at $40.000 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 364.000. In addition to the abilities included in the balance sheet $2.000 sowed to employees for their work since the last It is estimated that all but 20 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 80 percent of its cost. Buildings and equipment can be sold at $40,000 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 $64.000. In addition to the liabilities included in the balance sheet, $2,090 is owed to employees for their work since the last pay period, and interest of $5,120 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. Total cash available (induding sale of assets) Cash Accounts receivable Merchandise Inventory hand 0 Total cash available to stockholders $ 0