Lew's Auto Repair has cash of $18,600, accounts receivable of $34,500, accounts payable of $28,900, inventory of $97,800, long-term debt of $142,000, and net fixed assets of $363,800. The firm estimates that if it wanted to cease operations today it could sell the inventory for $85,000 and the fixed assets for $349,000. The firm could collect 100 percent of its receivables as they are secured. What is the market value of the firm's assets? $458,200 $487,100 $374,200 $332,800 $495,500
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- Settetocol, Inc., has cash of $12,000, receivables of $35,000, and inventory of $28,000. In addition, the firm has fixed assets of $120,000. Management has also told you that you can reasonably expect to collect 93 percent of the receivables, that the inventory could be sold to realize 84 percent of its book value, and that the sale of the property, plant, and equipment would yield $94,000. What is the liquidation value of this company? (Round to the nearest dollar.)The following information is for Ayayai Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $23,000 Additional Paid-in Capital $54,000 Equipment (cost) 111,000 Accounts Receivable 71,000 Inventory (work in process) 13,000 Inventory (raw materials) 59,000 Cash (unrestricted) 21,000 Supplies Expense 16,000 Inventory (finished goods) 32,000 Cost of Goods Sold 404,000 Equity Investments (cost) 8,000 Allowance for Doubtful Accounts 2,000 Customer Advances 11,000 Licenses 6,000 Unearned Service Revenue 35,000 Notes Receivable 16,000 Treasury Stock 12,000 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $5,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line…The following information is for Pronghorn Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,100 Additional Paid-in Capital $ 54,900 Equipment (cost) 113,000 Accounts Receivable 71,300 Inventory (work in process) 13,600 Inventory (raw materials) 61,500 Cash (unrestricted) 21,700 Supplies Expense 16,800 Inventory (finished goods) 33,000 Cost of Goods Sold 405,700 Equity Investments (cost) 9,500 Allowance for Doubtful Accounts 4,400 Customer Advances 11,800 Licenses 7,100 Unearned Service Revenue 36,800 Notes Receivable 17,600 Treasury Stock 12,300 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 6,300. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a…
- The following information is for Blue Spruce Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $25,300 Additional Paid-in Capital $56,400 Equipment (cost) 111,000 Accounts Receivable 72,000 Inventory (work in process) 14,400 Inventory (raw materials) 59,800 Cash (unrestricted) 21,400 Supplies Expense 16,400 Inventory (finished goods) 33,300 Cost of Goods Sold 406,000 Equity Investments (cost) 9,200 Allowance for Doubtful Accounts 3,800 Customer Advances 11,300 Licenses 7,600 Unearned Service Revenue 35,000 Notes Receivable 25,600 Treasury Stock 13,000 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $6,400. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a…Alpaca Corporation had revenues of $275,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $27,500 on $98,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,200 in salaries. Owners invested $16,500 in the business and $16,500 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $8,200 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation.The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) 2021 Assets Cash and securities $ 6,000 Accounts receivable 15,000 Inventories 15,000 Total current assets $ 36,000 Net plant and equipment 24,000 Total assets $ 60,000 Liabilities and Equity Accounts payable $ 18,090 Accruals 8,910 Notes payable 6,000 Total current liabilities $ 33,000 Long-term bonds 12,000 Total liabilities $ 45,000 Common stock 4,050 Retained earnings 10,950 Total common equity $ 15,000 Total liabilities and equity $ 60,000 Income Statement (Millions of $) 2021 Net sales $ 90,000 Operating costs except depreciation 83,700 Depreciation…
- The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) 2021 Assets Cash and securities $ 6,000 Accounts receivable 15,000 Inventories 15,000 Total current assets $ 36,000 Net plant and equipment 24,000 Total assets $ 60,000 Liabilities and Equity Accounts payable $ 18,744 Accruals 9,656 Notes payable 6,000 Total current liabilities $ 34,400 Long-term bonds 10,000 Total liabilities $ 44,400 Common stock 3,900 Retained earnings 11,700 Total common equity $ 15,600 Total liabilities and equity $ 60,000 Income Statement (Millions of $) 2021 Net sales $ 108,000 Operating costs except depreciation 100,440 Depreciation…The statement of affairs of Darrell Putix Co. indicates that unsecured creditors without priority with total claims of ₱720,000 may expect to recover only ₱288,000 after all the assets were sold. Among the creditors of Darrell Putix Co. are the following: Government - taxes payable of ₱400,000, inclusive of ₱80,000 assessents and surcharges. XYZ bank - loan payable of ₱4,000,000 and accrued interest of ₱200,000, backed by collateral security with realizable value of ₱4,800,000. Alpha Financing Co. - loan payable of ₱3,200,000 backed by collateral security with realizable value of ₱2,000,000. Mr. Bombay - loan payable of ₱1,000,000 and accrued interest of ₱200,000. No collateral security. How much is the expected recovery of partially secured creditors? a. 1,280,000 b. 2,480,000 c. 2,160,000 d. 0Alpaca Corporation had revenues of $255,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $27,100 on $96,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,800 in salaries. Owners invested $14,500 in the business and $14,500 was borrowed on a five-year note. The company paid $3,900 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 36%. Compute the cash balance at the end of the first year for Alpaca Corporation. Can you pleae explain answer
- The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) 2021 Assets Cash and securities $ 3,600 Accounts receivable 15,000 Inventories 17,400 Total current assets $ 36,000 Net plant and equipment 24,000 Total assets $ 60,000 Liabilities and Equity Accounts payable $ 16,896 Accruals 9,504 Notes payable 7,000 Total current liabilities $ 33,400 Long-term bonds 11,000 Total liabilities $ 44,400 Common stock 3,120 Retained earnings 12,480 Total common equity $ 15,600 Total liabilities and equity $ 60,000 Income Statement (Millions of $) 2021 Net sales $ 60,000 Operating costs except depreciation 55,800 Depreciation…Alpaca Corporation had revenues of $230,000 in its first year of operations. The company has not collected on $18,200 of its sales and still owes $26,600 on $75,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $12,000 in the business and $12,000 was borrowed on a five-year note. The company paid $4,500 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%. Compute net income for the first year for Alpaca Corporation.The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2018 Cash and securities $3,000 Accounts receivable 15,000 Inventories 18,000 Total current assets $36,000 Net plant and equipment $24,000 Total assets $60,000 Liabilities and Equity Accounts payable $18,630 Accruals 8,370 Notes payable 6,000 Total current liabilities $33,000 Long-term bonds $9,000 Total liabilities $42,000 Common stock $5,040 Retained earnings 12,960 Total common equity $18,000 Total liabilities and equity $60,000 Income Statement (Millions of $)…