Problem $2-18($Algo$)$ Calculate cash available upon liquidation of business LO $2-2,2-3,2-6$

Kimber Company is in the process of liquidating and going out of business. The firm's accountant has provided the following balance

sheet and additional information:

Assets

Cash

Accounts receivable

Merchandise inventory

Total current assets

Land

Buildings and equipment

Less: Accumulated depreciation

Total land, buildings, and equipment

Total assets

Liabilities and Stockholders' Equity

Accounts payable

Notes payable

Total current liabilities

Long$-$term debt

Total liabilities

Stockholders' Equity:

Common stock, no par

Retained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

$$18,00$

$60,00$

$110,000$

$$47,000$

$$188,000$

$342,500$

$(195,000)$

$$49,400$

$58,000$

$$107,400$

$$110,000$

$111,100$

It is estimated that all but $19$ percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed

of in a liquidation sale for $80$ percent of its cost. Buildings and equipment can be sold at $$60,000$ above book value $($the difference

between original cost and accumulated depreciation shown on the balance sheet$),$ and the land can be sold at its current appraisal

value of $$61,000.$ In addition to the liabilities included in the balance sheet, $$2,420$ is owed to employees for their work since the last

pay period, and interest of $$5,175$ has accrued on notes payable and long$-$term debt.

Required:

Calculate the amount of cash that will be available to the stockholders if the accounts receivable are collected, the other assets are

sold as described, and all liabilities and other claims are paid in full.

Answer is not complete.