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Yv.compreso does not indicate completion Return to question Kimber Co. is in the process of liquidating and going out of business. The firm's accountant has

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Yv.compreso does not indicate completion Return to question 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: $ 30,000 90,000 350.000 $ 270,000 350.000 400,000 1120.000 20.000 5.600.000 Assets Canh Accounts receivable Merchandise inventory Total current sth Land Duilding equipment Less Remolated depreciation Total land, buildings. quant Total asset Llabilities and Stockholders' Equity accounts payable Notes payable Total current liabilities Long-term debt Total liabilities Stockholders. Equity Common stock, no par Retained earninga Total stockholders' equity Total liabilities and stockholders' equity $80,000 110.000 $190.000 130.000 $ 320,000 $ 100.000 180.000 200.000 $ 600,000 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 70 percent of its cost. Buildings and equipment can be sold at $60,000 above book value the difference Return to 7 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 70 percent of its cost. Buildings and equipment can be sold at $60,000 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 $85,000. In addition to the mobilities included in the balance sheet, $5,000 is owed to employees for their work since the last pay period, and interest of $10,000 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. Answer is complete but not entirely correct. $30.000 3 Total cash available including sale of assets) Accounts receivable Merchandisinventory Buildings Land Accounts payable Notes payable O 18.000 105.000 340.000 85.000 (47,5001 56,700 557,200 $(527.2003 Total cash available to stockholders Proy 4 of 7 !!! vic Graw Next > MU

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