general account Klingon Widgets, Inc., purchased new cloakingmachinery three years ago for $5.6 million. Themachinery can be sold to the Romulans today for $7.8million. Klingon's current balance sheet shows netfixed assets of $4.4 million, current liabilities of$870,000, and net working capital of $146,000. If all thecurrent accounts were liquidated today, the companywould receive $985,000 cash.a. What is the book value of Klingon's total assetstoday?b. What is the sum of the NWC and market value offixed assets?

Given DataOriginal purchase price of machinery: $5.6 millionNet fixed assets (book value): $4.4…

Answered: Klingon Widgets, Inc., purchased new…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transact Ions

Section: Chapter Questions

Problem 25P

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Klingon Widgets, Incorporated, purchased new cloaking machinery three years ago for $4.4 million. The machinery can be sold to the Romulans today for $6.6 million. Klingon’s current balance sheet shows net fixed assets of $3.2 million, current liabilities of $750,000, and net working capital of $134,000. If all the current accounts were liquidated today, the company would receive $865,000 cash. What is the book value of Klingon’s total assets today? Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567. What is the sum of the market value of NWC and the market value of fixed assets? Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.
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