A company going through a Chapter 7 bankruptcy has the following account balances: Cash.$ 30,000 Receivables (30%

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A company going through a Chapter 7 bankruptcy has the following account balances:

Cash.$ 30,000 Receivables (30% collectible). 50,000 Inventory (worth$39,000). 90,000 LO4 Land (worth $120,000) (secures note payable). 100,000 Buildings (worth $180,000) (secures bonds payable).200,000 Salaries payable (7 workers owed equal amounts for last 2 weeks). 10,000 Accountspayable. 90,000 Note payable (secured by land).110,000 Bonds payable (secured bybuilding). 300,000 Common stock.100,000 Retained earnings.(140,000)

How much will be paid to each of the following?

Salaries payable Accounts payable Note payable Bonds payable

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Advanced Accounting

ISBN: 9780073379456

9th Edition

Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle

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