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A company going through a Chapter 7 bankruptcy has the following account balances: Cash Receivables (25% collectible) $ 49,000 69,000 Inventory (worth $34,850) 109,000
A company going through a Chapter 7 bankruptcy has the following account balances: Cash Receivables (25% collectible) $ 49,000 69,000 Inventory (worth $34,850) 109,000 Land (worth $253,000) (secures note payable) 195,000 Buildings (worth $275,000) (secures bonds payable) 390,000 Salaries payable (4 workers owed equal amounts for last 2 weeks) 19,500 Accounts payable 109,000 Note payable (secured by land) 205,000 Bonds payable (secured by building) 490,000 Common stock 290,000 Retained earnings (235,000) How much will be paid to each of the following? Salaries payable Accounts payable Note payable Bonds payable
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