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On June 1, 2014, Bush Company Prepared a Statement of Financial

Question 230

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On June 1, 2014, Bush Company prepared a statement of financial position that shows the following:
Assets (no cash)    ?100,000
Liabilities          75,000
Equity            25,000
Shortly thereafter, all of the assets were sold for cash. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? On June 1, 2014, Bush Company prepared a statement of financial position that shows the following: Assets (no cash)    ?100,000 Liabilities          75,000 Equity            25,000 Shortly thereafter, all of the assets were sold for cash. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases?

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