Homework Answers
A.
| Particulars | Amount |
| Accounts receivable | $ 1,050 |
| Supplies | $ 500 |
| Equipment | $ 2,000 |
| Boats | $ 20,350 |
| Property | $ 180,000 |
| Less; Liquidator charges | $ (1,500) |
| Les; bank loan | $ (18,000) |
| Less; accounts payable | $ (3,740) |
| Less; mortgage payable | $ (80,000) |
| Balance due to Mr Litz | $ 100,660 |
B
In a share sale, the buyer purchases shares in the company, rather than just the assets. The buyer purchases the company – a separate legal entity. Typically, the company continues to retain its assets and liabilities. The transaction is between the company’s shareholders and the buyer of the shares. All business assets remain with the company. It is the composition of the ownership of the company that changes.
- There may be a better overall return for the shareholder in a share sale transaction which includes access to tax concessions.
- Client, supplier and employment contracts remain within the company. There is less effort and risk associated with ensuring clients, suppliers and employees will stay with the company than in an asset sale.
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