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A company going through a Chapter 7 bankruptcy has the following account balances: $ Cash Receivables (20% collectible) Inventory (worth $22,100) Land (worth $127,000) (scures
A company going through a Chapter 7 bankruptcy has the following account balances: $ Cash Receivables (20% collectible) Inventory (worth $22,100) Land (worth $127,000) (scures note payable) Buildings (worth $185,000) (secures bonds payable) Salaries payable (4 workers owed equal amounts for last 2 weeks) Accounts payable Note payable (secured by land) Bonds payable (secured by building) Common stock Retained earnings 31,000 51,000 91,000 105,000 210,000 10,500 91,000 115,000 310,000 110,000 (145,000) How much will be paid to each of the following? $ 10,500 Salaries payable Accounts payable Note payable Bonds payable $ 115,000
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