At the time of liquidation, Fairchild Company reported assets of $200,000, liabilities of $120,000, common stock...
At the time of liquidation, Fairchild Company reported assets of $200,000, liabilities of $120,000, common stock of $90,000 and retained earnings of ($10,000). What amount of Fairchild's assets are the shareholders entitled to receive?
Multiple Choice
-
$200,000
-
$80,000
-
$90,000
-
$100,000
Homework Answers
| Ans. | Option 2nd $80,000 | |||
| Explanations: During liquidation, assets are utilized to pay liabilities first. Then the remaining balance will be distributed | ||||
| to shareholders. | ||||
| Payment of liabilities = Total assets - Total liabilities | ||||
| $200,000 - $120,000 | ||||
| $80,000 | ||||
| *Received by shareholder's = $80,000 | ||||
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