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A company going through a Chapter 7 bankruptcy has the following account balances: Cash $ 44,000 Receivables (35% collectible) 64,000 Inventory (worth $44,900) 104,000 Land
A company going through a Chapter 7 bankruptcy has the following account balances:
Cash | $ | 44,000 | |
Receivables (35% collectible) | 64,000 | ||
Inventory (worth $44,900) | 104,000 | ||
Land (worth $218,000) (secures note payable) | 170,000 | ||
Buildings (worth $250,000) (secures bonds payable) | 340,000 | ||
Salaries payable (4 workers owed equal amounts for last 2 weeks) | 17,000 | ||
Accounts payable | 104,000 | ||
Note payable (secured by land) | 180,000 | ||
Bonds payable (secured by building) | 440,000 | ||
Common stock | 240,000 | ||
Retained earnings | (210,000 | ) | |
How much will be paid to each of the following?
Salaries Payable: Accounts Payable: Note Payable: Bonds Payable: |
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