Question

On June 1, 2015, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following:
Assets (no cash) ........... $ 90,000
Liabilities ............. 50,000
Shareholders’ equity ........ 40,000
Shortly thereafter, all of the assets were sold for cash.
Required:
1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? Use the format given here.
2. How should the cash be distributed in each separate case?


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  • CreatedAugust 04, 2015
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