Problem $2\mathrm{.}18$

Calculate cash available upon liquidation of business Kimber Co$.$ is in the process of liquidating and going out of business.

The firm's accountant has provided the following balance sheet and additional information:

$\backslash$table$[[$Assets$],[$Cash$,$$ $30,000,],[$Accounts receivable,$90,000,],[$Merchandise inventory,$150,000,],[$Total current assets,,$$270,000],[$Land$,$$ $50,000,],[$Buildings and equipment,$400,000,],[$Less: Accumulated depreciation,$(120,000),],[$Total land, buildings, and equipment,,$330,000],[$Total assets,,$$600,000],[$Liabilities and Stockholders' Equity$],[$Accounts payable,$ $80,000,],[$Notes payable,$110,000,],[$Total current liabilities,,$$190,000$