Ask Question
30 October, 05:01

Your company, a sole proprietorship, has assets of $34,583 and liabilities of $55,867. you decide to liquidate the company. assuming you can sell the assets at their listed value, how much will you be personally liable for?

+4
Answers (1)
  1. 30 October, 08:03
    0
    A sole proprietor is personally liable for the liabilities which remain unpaid after the utilization of assets. In the given case the sole proprietorship has total assets of $34,583 and liabilities of $55,867. It means total assets can be used to pay off $34,583 out of total liabilities of $55,867 and the proprietor shall be personally liable for the balance liabilities = 55867-34583 = $21,284

    Hence, you are personally liable for $21,284
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Your company, a sole proprietorship, has assets of $34,583 and liabilities of $55,867. you decide to liquidate the company. assuming you ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers