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A company going through a Chapter 7 bankruptcy has the following account balances: Cash $ 46,000 Receivables (25% collectible) 66,000 Inventory (worth $51,200) 106,000 Land
A company going through a Chapter 7 bankruptcy has the following account balances: |
Cash | $ | 46,000 |
Receivables (25% collectible) | 66,000 | |
Inventory (worth $51,200) | 106,000 | |
Land (worth $232,000) (secures note payable) | 180,000 | |
Buildings (worth $260,000) (secures bonds payable) | 360,000 | |
Salaries payable (4 workers owed equal amounts for last 2 weeks) | 18,000 | |
Accounts payable | 106,000 | |
Note payable (secured by land) | 190,000 | |
Bonds payable (secured by building) | 460,000 | |
Common stock | 260,000 | |
Retained earnings | (220,000) | |
How much will be paid to each of the following?
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