Need help solving this accounting questio.Kimber Co. is in the process of liquidating and going out of business. The firms accountant has provided the following balance sheet and additional information: See attachment. Thanks.

3/12/2016 Week 1 Homework BUSN 5600 QB S2 2016: S2 2016 QB Week 1 Homework 1. John Malonson instructions | help value: 2.85 points 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: 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 Longterm debt Total liabilities Stockholders' Equity Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 15,500 63,000 111,000 $ 48,000 349,000 (190,500) $ 47,800 55,300 $ 110,000 132,500 $ 189,500 206,500 $ 396,000 $ 103,100 50,400 $ 153,500 242,500 $ 396,000 It is estimated that all but 7 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 90 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 $61,500. In addition to the liabilities included in the balance sheet, $2,170 is owed to employees for their work since the last pay period, and interest of $5,170 has accrued on notes payable and longterm 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. http://ezto.mheducation.com/hm.tpx?_=0.33481584152568467_1457844308033 1/2 3/12/2016 Week 1 Homework Total cash available (including sale of assets) Total cash available to stockholders rev: 08_09_2013_QC_33637, 06_25_2014_QC_50787 References eBook & Resources Worksheet Learning Objective: 0202 Identify and explain the kind of information reported in each financial statement and describe how financial statements are related to each other. Difficulty: Medium Learning Objective: 0206 Discuss why investors must carefully consider cash flow information in conjunction with accrual accounting results. Learning Objective: 0203 Explain the meaning and usefulness of the accounting equation. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx?_=0.33481584152568467_1457844308033 2/2