A company that was to be liquidated had the following liabilities:   Income taxes$10,400Notes payable (secured by land) 156,000Accounts payable$107,900Salaries payable to employees ($15,000 for John Jay and $2,800 for Ann Still 17,800Bonds payable 81,000Administrative expenses for liquidation 26,000??The company had the following assets:?  Book Fair  Value ValueCurrent assets$104,000$42,900Land 130,000 117,000Buildings & equipment 130,000 143,000?Prepare a schedule to show the amount of total assets to pay liabilities with priority and unsecured creditors

What will be an ideal response?



   
Assets to pay priority and unsecured creditors:  
Current assets$42,900
Buildings and equipment 143,000
Total$185,900


Business

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What will be an ideal response?

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