b) if Maurice Granuard sells all of the businesses assets for cash and pays off the companies debts, what is the remaining amount? what does it represent?

54 Chapter 2 Linking Personal Accounting to Business Accounting Case Study CS-1 LO 13 45 Granyard Clockworks is a service company that repairs damaged watches and clocks. The company is owned by Maurice Granvard. Maurice is fully liable for all activities of the business in the most recent month May 2013 Granyard Clockworks had the following transactions. 1. Maurice deposited $40,000 of additional cash into the business 2. Borrowed $15,000 in cash from the bank 3. Paid $3.500 cash for May's rent 4. Paid $6,000 in salaries for May 5. Performed services and earned $18,000 in cash 6. Incurred telephone expenses of $500 (to be paid next month 7. Performed services for a client for $3,000 on account 8. Prepaid insurance for one year in the amount of $11,000 9. Incurred maintenance expense of $1,000 (paid on account) 10. Maurice withdrew $5,000 from the business for personal use 11. Received $2,000 cash for repair services to be done in July 12. Collected 80% of the $3,000 amount owing from a client for services performed earlier this month As at April 30, 2018, the ending account balances for Granyard Clockworks were as follows. Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Notes Payable Granyard, Capital 550,000 12.000 800 40,000 2,000 60.000 40,800 Required a) Complete the T-account worksheets for May 2018