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A company going through a Chapter 7 bankruptcy has the following account balances: Cash $ 45,000 Receivables (20% collectible) 65,000 Inventory (worth $39,500) 105,000 Land
A company going through a Chapter 7 bankruptcy has the following account balances: |
Cash | $ | 45,000 |
Receivables (20% collectible) | 65,000 | |
Inventory (worth $39,500) | 105,000 | |
Land (worth $225,000) (secures note payable) | 175,000 | |
Buildings (worth $255,000) (secures bonds payable) | 350,000 | |
Salaries payable (4 workers owed equal amounts for last 2 weeks) | 17,500 | |
Accounts payable | 105,000 | |
Note payable (secured by land) | 185,000 | |
Bonds payable (secured by building) | 450,000 | |
Common stock | 250,000 | |
Retained earnings | (215,000) | |
How much will be paid to each of the following? |
Salaries Payable
Accounts Payable
Notes Payable
Bonds Payable
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