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?
A. $100,000
B. $90,000
C. $200,000
D. $80,000
Answer: D
Business
You might also like to view...
Purchases Discounts is a contra-cost account
a. True b. False Indicate whether the statement is true or false
Business
Inventory is particularly sensitive to changes in business activity. Therefore, management should keep inventory at a minimum
Indicate whether the statement is true or false
Business
A negative-news message that is organized indirectly should begin with a buffer
Indicate whether the statement is true or false
Business
Not-for-profit organizations must meet specific guidelines in order to obtain tax-exempt status. These guidelines are structured by the
A. board of directors. B. U.S. Uniform Partnership Act. C. U.S. Bureau of the Census. D. Chamber of Commerce. E. Internal Revenue Service.
Business