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July 28, 2015

Homework Help: accounting

Posted by Matt on Tuesday, March 30, 2010 at 3:53pm.

John wants to dissolve his business.His balance sheet shows assets with a value of $250,000 in total. Liabilities are shown at 200,000 leaving equity of $50,000 for John.He only expects to get $180,00,000 for his assets when he sells them because some fixed assets are old and some accounts receivable will go uncollected.He would like to take his equity of $50,000 and leave the rest of the proceeds of the sale to pay his creditors. Can he do this? Can anyone please help with this?

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