Assume that Kennedy Company acquires $1,400 cash from creditors and $3,000 cash from investors.
Required:
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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.)
Cash received by creditors
$
Cash received by investors
$
(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.)
Cash received by creditors
$
Cash received by investors
$
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