On June 1, 20X5, the books of Dremer Corporation show assets with book values and realizable values as follows:
Dremer's books show the following liabilities:
Using the following information, prepare a Statement of Realization and Liquidation for Dremer Inc. for the period of 6/1/X5 to 6/30/X5.
No subsequent discoveries
Sale of Calandir Securities at a market value of $16,000
Collection of Note Receivable into cash $15,000
Sale of Equipment at $7,000
Sale of Inventory at $22,000
Partial Payment of Accounts Payable $29,000
Payment of Note Payable $10,375

Question

On June 1, 20X5, the books of Dremer Corporation show assets with book values and realizable values as follows:  
Dremer's books show the following liabilities:  
Using the following information, prepare a Statement of Realization and Liquidation for Dremer Inc. for the period of 6/1/X5 to 6/30/X5.
No subsequent discoveries
Sale of Calandir Securities at a market value of $16,000
Collection of Note Receivable into cash $15,000
Sale of Equipment at $7,000
Sale of Inventory at $22,000
Partial Payment of Accounts Payable $29,000
Payment of Note Payable $10,375

Quizplus · Accepted Answer

The Answer of On June 1, 20X5, the books of Dremer Corporation show assets with book values and realizable values as follows:  
Dremer's books show the following liabilities:  
Using the following information, prepare a Statement of Realization and Liquidation for Dremer Inc. for the period of 6/1/X5 to 6/30/X5.
No subsequent discoveries
Sale of Calandir Securities at a market value of $16,000
Collection of Note Receivable into cash $15,000
Sale of Equipment at $7,000
Sale of Inventory at $22,000
Partial Payment of Accounts Payable $29,000
Payment of Note Payable $10,375

On June 1, 20X5, the Books of Dremer Corporation Show