Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 7.00

Larisa Company

The Larisa Company is coming out of reorganization with the following accounts:

Book Value Fair Value

Receivable…………………………………………………………………………….. $ 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 in capital…………………………………………………….20,000

Retained earnings (deficit)………………………………………………………(70,000)

The company have assets value $760,000 reorganization value. As part of the organization, the company owners transferred 801 percent of the outstanding stock to the creditors.

Prepare the journal entry that is necessary to adjust the company record to fresh start accountin

Note: Provide the answers on excel sheet

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 PM My Price 7.00

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