ipany going ugh a Cash Receivables (25% collectible) Inventory (worth $34,850) apter Land (worth $253,000) (secures note payable) Buildings (worth $275,000) (secures bonds payable) Salaries payable (4 workers owed equal amounts for last 2 weeks) Accounts payable Note payable (secured by land) Bonds payable (secured by building) Common stock Retained earnings Salaries payable Accounts payable How much will be paid to each of the following? Note payable Bonds payable ruptcy fids > Answer is complete but not entirely correct. $ 19,500 $ 41,420 X $ 205,000 $275,000 Dalances. 49,000 69,000 109,000 195,000 390,000 19,500 109,000 205,000 490,000 290,000 (235,000)
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- A company going through a Chapter 7 bankruptcy has the following account balances: How much will be paid to each of the following? Salaries payable Accounts payable Note payable Bonds payableGovernment claims to unpaid taxes Salary during last month owed to Mr. Key (not an officer) Administrative expenses Salary during last month owed to Ms. Rankin (not an officer) Unsecured accounts payable Required: Indicate how much money will be paid to the creditor associated with each debt. Types of Debts Administrative expenses Salary during last month owed to Mr. Key and Ms. Rankin Government claims to unpaid taxes Amounts $ 4,150 $ 7,700 19,525 4,150 5,930 8,250A review of the assets and liabilities of the No Good Company in bankruptcy on June 31, 20x3, discloses the following A mortgage payable of P350,000 is secured by land and buildings at P560,000. Notes payable ofP175,000 are secured by equipment valued at P140,000. Assets other than those referred to have an estimated value of P157,500. Liabilities other than those referred to, total P420,000, which included claims with priority of P52,500. What is estimated deficiency to unsecured creditors?
- A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Estimated book value Current value Assets Assets pledged with fully secured creditors P 800,000 P1,000,000 Assets pledged with partially secured creditors 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 Assume that assets are converted to cash at their current values, what is the expected dividend rate (in decimal form) for general unsecured creditors?A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Assets Estimated book value Current value Assets pledged with fully secured creditors P 800,000 P1,000,000 Assets pledged with partially secured creditors 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 1. Assume that assets are converted to cash at their current values, what is the amount of estimated payment to the partially secured creditors? 2. Assume that assets are converted to cash at their current values, what is the expected dividend rate (in decimal form) for general unsecured creditors?A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Assets Estimated book value Current value Assets pledged with fully secured creditors P 800,000 P1,000,000 Assets pledged with partially secured creditors 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 Assume that assets are converted to cash at their current values, what is the expected dividend rate (in decimal form) for general unsecured creditors?
- A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Estimated book value Current value Assets P1,000,000 Assets pledged with fully secured creditors Assets pledged with partially secured creditors P 800,000 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 Assume that assets are converted to cash at their current values, what is the amount of estimated payment to the partially secured creditors?Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,200 in free cash. The following debts, totaling $43,050, remain: Indicate how much money will be paid to the creditor associated with each debt.Ataway Company has suffered severe financial difficulties and is considering filing a bankruptcy petition. It has the following assets and liabilities. The assets are stated at net realizable value. Assets (pledged against debts of $78,000) Assets (pledged against debts of $146,000) Other assets Liabilities with priority Other unsecured creditors $ 132,000 58,000 88,000 53,200 208,000 In a liquidation, how much money would be paid on the partially secured debt? Payment on partially secured debt $ 82,667
- Check my work Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $25,900 in free cash. The following debts, totaling $41,550, remain: Government claims to unpaid taxes Salary during last month owed to Mr. Key (not an officer) Administrative expenses Salary during last month owed to Ms. Rankin (not an officer) Unsecured accounts payable $ 6,700 18,525 3,150 Fook 5,925 7,250 "rint erences Indicate how much money will be paid to the creditor associated with each debt. Types of Debts + Amounts Mc Graw Hill MAY dtv SOUTARE * F2 14 E7 F3 F4 FS M5 23 2$ % & 2 3 4 5 7 9 W E T. Y S F G K C V alt mmand command option VShi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,100 im free cash. The following debts, totaling $42,550, remain: Government claims to unpaid taxes Salary during last month owed to Mr. Key (not an officer) Administrative expenses Salary during last month owed to Ms. Rankin (not an officer) Unsecured accounts payable Required: Indicate how much money will be paid to the creditor associated with each debt. Types of Debts Amounts $ 6,900 18,725 3,350 5,895 7,450Deere, Inc. will be liquidated under Chapter 7 of the Bankruptcy Act. Its current balance sheet is shown below. Fixed assets will be sold for $4,000,000 and current assets will be sold for $3,000,000. All fixed assets are pledged as collateral for all mortgage bonds. Subordinated debentures are subordinate only to notes payable. Trustee costs are $750,000. Before Before Default Balance Sheet Default Current Assets 5,000,000 Accounts payable 1,000,000 Net fixed assets 7,000,000 Accrued taxes 50,000 Accrued wages 85,000 Notes payable 2,000,000 Total current liabilities 3,135,000 First-mortgage bonds 2,000,000 Second-mortgage bonds 3,000,000 Subordinated debentures 5,000,000 Common stock 300,000 Retained earnings (1,435,000) Total assets 12,000,000 Total claims 12,000,000 a. How much will SHs receive? b. How much will mortgage bondholders receive? c. How much will…