***Select from the following to fill in the blanks in the left column Accounts r
ID: 1217434 • Letter: #
Question
***Select from the following to fill in the blanks in the left column
Accounts receivable
Accumulated depreciation
Additional paid-in capital
Allowance for bad debts
APIC—preferred
Bad debts expense
Bonds payable
Buildings
Capital lease liability
Cash
Commissions expense
Commissions payable
Common stock
Cost of goods sold
Current maturities of long-term debt
Deferred income Taxes
Deferred tax liabilities
Depreciation expense
Discount on bonds payable
Dividends payable
Employee contributions to pension plan
Equipment
Estimated health care expense
Estimated liability for retiree health care--current
Estimated warranty liability
Federal unemployment taxes withheld
FICA taxes withheld
Gain on sale of equipment
Goodwill
Group hospitalization insurance
Income tax expense
Income taxes payable
Income taxes withheld
Insurance expense
Interest expense
Interest income
Interest payable
Interest receivable
Interest revenue
Inventory
Keg deposits
Keg deposits revenue
Keg expense
Kegs
Land
Long-term debt
Loss of sale of equipment
Loss on early retirement of bonds
Loss on sale of machine
Machine
Medical insurance contributions
Merchandise inventory
Miscellaneous expense
Note receivable
Notes payable
Parts inventory
Payroll tax expense
Payroll taxes payable
Preferred stock
Premium on bonds payable
Prepaid insurance
Prepaid rent
Real estate tax expense
Real estate taxes payable
Realized gain on sale of marketable securities
Rent expense
Rent payable
Rent revenue
Retained earnings
Salaries expense
Sales
Sales revenue
Serial bonds payable
Service revenue
State unemployment taxes withheld
Subscription revenue
Supplies
Supplies expense
Supplies on hand
Ticket revenue
Treasury stock
Trucks
Unearned rent revenue
Unearned revenues
Unearned subscription revenue
Unearned ticket revenue
Union dues
Utilities expense
Wages expense
Wages payable
Warranty expense
Withholding liabilities
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 $ 16,000 62,500 112,000 $190,500 Total current assets Land Buildings & equipment Less: Accumulated depreciation $ 47,000 349,500 (190,500) Total land, buildings, & equipment 206,000 Total assets 396,500 Liabilities and Stockholders' Equity Accounts payable Notes payable $ 49,600 58,000 Total current liabilities Long-term debt 107,600 50,700 $ 158,300 Total liabilities Stockholders' Equity Common stock, no par Retained earnings $110,000 128,200 Total stockholders' equity 238,200 Total liabilities and stockholders' equity $ 396,500Explanation / Answer
total cash available to share holders =assets-liabilities
cash available before deduction of liabilities=cash+accounts receivable+sale of fixed assets
cash balance=$16000
cash from sale of accounts receivable=(100-18)%of 62500=$51250
merchandise incentory=85%112000=$95200
sale building and equipment=349500-190,500+40000=$199,000
sale of land=$60000
therefore total cash from assets=16000+51250+95200+199000+60000=$421450
total liabilities=notes payable+accounts payable+long term liabilities+wages payable+interest payable
=49600+58000+50700+2490+5475=$166265
total cash available to shareholders after payment of libilities=421450-16265=$255185
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