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A company going through a Chapter 7 bankruptcy has the following account balances: Cash $ 34,000 Receivables (20% collectible) 54,000 Inventory (worth $42,800) 94,000 Land
A company going through a Chapter 7 bankruptcy has the following account balances: |
Cash | $ | 34,000 |
Receivables (20% collectible) | 54,000 | |
Inventory (worth $42,800) | 94,000 | |
Land (worth $148,000) (secures note payable) | 120,000 | |
Buildings (worth $200,000) (secures bonds payable) | 240,000 | |
Salaries payable (4 workers owed equal amounts for last 2 weeks) | 12,000 | |
Accounts payable | 94,000 | |
Note payable (secured by land) | 130,000 | |
Bonds payable (secured by building) | 340,000 | |
Common stock | 140,000 | |
Retained earnings | (160,000) | |
How much will be paid to each of the following? Salaries Payable Accounts Payable Notes Payable Bonds Payable |
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