LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash Accounts receivable (net) Inventory. Land.. Buildings (net) Equipment (net). Total assets.. $ 3,000 65,000 88,000 100,000 300,000 180,000 $736,000 Llabilitles and Equltles Accounts payable.. Notes payable-current (secured by equipment). Notes payable-long term (secured by land and buildings).. Common stock ... Retained earnings.. $ 98,000 250,000 190,000 120,000 78,000 Total liabilities and equities.. $736,000
The following
Additional Information
• If the company is liquidated, administrative expenses are estimated at $18,000.
• The accounts payable figure includes $10,000 in wages earned by the company’s 12 employees during May. No one earned more than $2,200.
• Liabilities do not include taxes of $14,000 owed to the U.S. government.
• Company officials estimate that 40 percent of the
Prepare a statement of financial affairs for Limestone Company as of June 3, 2017.
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