Sep 26, 2017 term paper 2

# QUESTION#1

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 Question   Assume that Kennedy Company acquires \$1,400 cash from creditors and \$3,000 cash from investors.

 Required:

 (b) If Kennedy has a net loss of \$1,400 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? (Omit the “\$” sign in your response.)

 (c) If Kennedy has net income of \$1,400 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive? (Omit the “\$” sign in your response.)

References

eBook & Resources

WorksheetDifficulty: Medium

In each module of this course, you will complete textbook exercises and problems using MyAccountingLab. The exercises and problems in this assignment provide real-world examples that give you an opportunity to apply your knowledge of the concepts covered in prior modules.

In this assignment, you will complete the following MyAccountingLab Post Tests:

• Chapter 17-B Post Test
• Chapter 18-B Post Test
• Chapter 21-B Post Test
• Chapter 22-B Post Test

You will be given the opportunity to take the post-tests a maximum of three times. You will have until Monday, September 14, 2015 to complete you final submission. Due to the ability to attempt this assignment multiple times, it is recommended that you complete your first attempt early in the module in order to provide yourself additional time to complete your second or third attempt if needed. Since this assignment reviews items covered in prior modules, it is also recommended that you review your prior MyAccountingLab assignments, as well as, any feedback provided by your instructor prior to completing this assignment.

 Assignment 2 Grading Criteria Maximum Points Correct answers to Chapter 17-b Post Test 75 Correct answers to Chapter 18-b Post Test 75 Correct answers to Chapter 21-b Post Test 75 Correct answers to Chapter 22-b Post Test 75 Total: 300

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