Question
11 Tsup-Tsup Corporation filed a bankruptcy petition on January 2009. On March 1, 2009, the trustee provided the following information about the corporations financial affairs:
11
Tsup-Tsup Corporation filed a bankruptcy petition on January 2009. On March 1, 2009, the trustee provided the following information about the corporations financial affairs:
Assets Book value Realizable Value
Cash P40,000 P40,000
Accounts receivable-net 200,000 150,000
Inventories 300,000 140,000
Plant assets-net 500,000 560,000
Total Assets P1,040,000
Liabilities
Liabilities for priority claims P160,000
Accounts payable-unsecured 300,000
Notes payable, secured by
Accounts receivable 200,000
Mortgage payable, secured by all
Plant assets 440,000
Total Liabilities P1,100,000
The amount expected to be available for unsecured claims without priority?
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