Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 7.00

company’s assets

A company is coming out of reorganization with the following accounts:

Book Value

Fair Value

Receivables

$80,000

$90,000

Inventory

200,000

210,000

Buildings

300,000

400,000

Liabilities

300,000

300,000

Common stock

330,000

Additional paid-incapital

20,000

Retained earnings (deficit)

-70,000

The company’s assets have a $760,000 reorganization value. As part of the reorganization, the company’s owners transferred 80 percent of the outstanding stock to the creditors.

Prepare the journal entry that is necessary to adjust the company’s records to fresh start accounting.

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 7.00

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