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bonufazy [111]
3 years ago
13

At the time of liquidation. Fairchild Co. reported assets of $200,000, liabilities of $120,000, common stock of $90,000, and ret

ained earnings of ($10,000). What amount of Fairchild's assets are the shareholders entitled to receive?
A. $200,000
B. $80,000
C. $90,000
D. $100,000
Business
1 answer:
ladessa [460]3 years ago
7 0

Answer:

B. $80,000

Explanation:

Total Asset = $200,000

Total Liabilities = $120,000

Shareholders are entitle to receive the assets net of liabilities as follows:

Total Net Asset = Total Assets - Total liabilities

Total Net Asset = $200,000 - $120,000

Total Net Asset = $80,000

$80,000 of Fairchild's assets are the shareholders entitled to receive.

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Answer:

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Answer and Explanation:

The journal entries are shown below

1. Cash Dr $50,500

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(Being the amount borrowed is recorded)                    

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        To Note payable $61,200

(Being the amount borrowed is recorded)          

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The computation is shown below:

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The computation is shown below:

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(Being the principal and the interest is recorded)

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= $50,500 × 8% × 9 months ÷ 12 months

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