Exercise 11-21A (Static) Interpreting the effects of business liquidation on creditors and owners Lo Assume that Harris Company acquires $3,600 cash from creditors and $4,200 cash from investors. Required b. If Harris Company has net income of $2,000 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive c. If Harris Company has a net loss of $2,000 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive d. If Harris Company has a net loss of $4,900 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive

Exercise 11-21A (Static) Interpreting the effects of business liquidation on creditors and owners Lo Assume that Harris Company acquires $3,600 cash from creditors and $4,200 cash from investors. Required b. If Harris Company has net income of $2,000 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive c. If Harris Company has a net loss of $2,000 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive d. If Harris Company has a net loss of $4,900 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? Creditors receive Investors receive

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

J8
f Use the information provided in the table to answer the following questions. Assume that there were no changes in any other asset or liability accounts. December 2022 Net Income Accounts receivable Accumulated depreciation Common stock Paid-in capital Retained earnings Accounts payable The cash flow provide by /used by, equals to $2000 Cash flow provided by/used by investing activities equals to Cash flow provided by/used by financing activities equals to The net cash flow equals to 750 1000 4500 7500 1500 750 December 2023 $8000 1400 1500 5000 8500 4000 950 If the cash balance for 2022 was $5000, the ending cash balance for the year 2023 equals to 4 Ti
Please do not give solution in image format thanku
39 - Which of the following transactions will cause a change in a company's equity ? a) Sale of a vehicle that is among the assets of the business at net book value B) Paying employees NS) lending a loan D) Selling goods on credit at cost TO) Giving the same amount of promissory note for the debt without bond
Show the solution in good accounting form
Need Help with Statement Matching
HOW TO SOLVE THIS 1ST PICTURE IS THE PROBLEM 2ND PICTURE IS THE ANSWER
solution
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
Question 30 Prepare cash flow from investing activities as per AS 3 of M/s Subham Creative Limited for year ended 31.3.2019. Particulars Machinery acquired by issue of shares at face value Claim received for loss of machinery in earthquake Unsecured loans given to associates Interest on loan received form associate company Pre-acquisition dividend received on investment made Debenture interest paid Term loan repaid Interest received on investment (TDS of 8,200 was deducted on the above interest) Purchased debentures of X Ltd., on 1st December, 2018 which are redeemable within 3 mouths Book value of plant & machinery sold (loss incurred (9,600) Amount (3) 2,00,000 55,000 5,00,000 70,000 52,600 1,45,200 4,50,000 73,800 3,00,000 90,000
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax…
Step explanation provide