A company that was to be liquidated hadthe following liabilities:Income TaxesNotes Payable secured by landAccounts Payable$ 15,000120,00048,000Salaries Payable ($18,000 for Employee#1 and$5,000 for Employee #2)Administrative expenses for liquidationThe company had the following assets:23,000Current AssetsLandBuildingSaved25,000BookFairValueValue$130,000$115,00060,000100,000175,000220,000Total liabilities with priority are calculated to be what amount?Multiple ChoiceО$106,650.$38,000. Total liabilities with priority are calculated to be what amount?Multiple Choice$106,650.$38,000.О$111,000.$63,000.$58,650.Saved

LiquidationIn order to raise money, a corporation will typically liquidate its inventory by selling…

A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable secured by land Accounts Payable Salaries Payable ($18,000 for Employee #1 and $5,000 for Employee #2) Administrative expenses for liquidation The company had the following assets: Current Assets Land Building Saved $ 15,000 120,000 48,000 23,000 25,000 Book Fair Value Value $130,000 $115,000 60,000 100,000 175,000 220,000 Total liabilities with priority are calculated to be what amount? Multiple Choice О $106,650.

A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable secured by land Accounts Payable Salaries Payable ($18,000 for Employee #1 and $5,000 for Employee #2) Administrative expenses for liquidation The company had the following assets: Current Assets Land Building Saved $ 15,000 120,000 48,000 23,000 25,000 Book Fair Value Value $130,000 $115,000 60,000 100,000 175,000 220,000 Total liabilities with priority are calculated to be what amount? Multiple Choice О $106,650.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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COTB MC Qu. 15-70 (Algo) Assume a company sold a... Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $21,000. In addition, the beginning and ending balances in the company's Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be: Multiple Choice $(179,000). $(200,000). O $(158,000). $(121,000).
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