Solution-Prepare a statement of affairs

Prepare a statement of affairs

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Reference no: EM131793380

Question - Prepare a statement of affairs assuming that the note payable are secured equipment and that wages are less than $10,000 per employee.

	Book Value	Estimated Net Realizable Value
Cah	2200	2200
Accoun receivable- Net	15000	13500
Inventories	20000	22500
Equipments- Net	55000	28000
Total Net Assets	92200	66200

Account Payable	26400
Rent Payable	7600
Wage Payable	12000
Note payable Plus accreued interest	31000
Capital Stock	55000
Retained Earing(deficit)	-39800
Total Liabilities and equity	92200

Reference no: EM131793380

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Prepare a statement of affairs

Reference no: EM131793380

Reference no: EM131793380

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