Get correct answer general accounting Klingon Cruisers, Inc., purchased new cloaking machinery four years ago for $15 million. The machinerycan be sold to the Romulans today for $14.2 million. Klingon's current balance sheet shows net fixedassets of $12 million, current liabilities of $880,000, and net working capital of $225,000. If all thecurrent assets were liquidated today, the company would receive $1.07 million cash.a. What is the book value of Klingon s total assets today?b. What is the market value of Klingon's total assets today?

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Answered: Klingon Cruisers, Inc., purchased new…

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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Klingon Widgets, Inc., purchased new cloaking machinery five years ago for $10 million. The machinery can be sold to the Romulans today for $9.4 million. Klingon’s current balance sheet shows net fixed assets of $8 million, current liabilities of $810,000, and net working capital of $247,000. If all the current assets and current liabilities were liquidated today, the company would receive $1.14 million cash. a. What is the book value of Klingon’s total assets today? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) b. What is the sum of the market value of NWC and the market value of fixed assets? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
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general account

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