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 |
You might also like to view...
Many consumers consider products with labels such as "Made in Bangladesh" and "Made in Brazil" to be of inferior quality and value
Indicate whether the statement is true or false
Financial accounting is most concerned with meeting the needs of external users
Indicate whether the statement is true or false
If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should this error be treated on the bank reconciliation?
A. Add $45 to the book balance. B. Add $45 to the bank's balance. C. Subtract $45 from the bank's balance and add $45 to the book's balance. D. Subtract $45 from the book balance. E. Subtract $45 from the bank's balance.
Describe the arguments for and against the use of permanent strike replacements in economic strikes. (10 minutes)
What will be an ideal response?