Assume that the company was being liquidated and that the following transactions occurred:
-Accounts receivable of $23,400 were collected.
-All of the company's inventory was sold for $52,000.
-Additional accounts payable of $13,000 incurred for various expenses, for utilities and maintenance that were subsequently discovered.
-The land and building were sold for $92,300.
-The note payable due to the Idaho Savings and Loan was paid.
-The equipment was sold at auction for only $14,300 with the proceeds applied to the note owed to the Second National Bank.
-The investments were sold for $27,300.
-Administrative expenses totaled $26,000 as of July 26, 2018, but no payment had yet been made.
Required:
Prepare a statement of realization and liquidation for the period from March 15 through July 26, 2018 .

Question

Quizplus · Accepted Answer

The Answer of Assume that the company was being liquidated and that the following transactions occurred:
-Accounts receivable of $23,400 were collected.
-All of the company's inventory was sold for $52,000.
-Additional accounts payable of $13,000 incurred for various expenses, for utilities and maintenance that were subsequently discovered.
-The land and building were sold for $92,300.
-The note payable due to the Idaho Savings and Loan was paid.
-The equipment was sold at auction for only $14,300 with the proceeds applied to the note owed to the Second National Bank.
-The investments were sold for $27,300.
-Administrative expenses totaled $26,000 as of July 26, 2018, but no payment had yet been made.
Required:
Prepare a statement of realization and liquidation for the period from March 15 through July 26, 2018 .

Assume That the Company Was Being Liquidated and That the Following