Help Save & EN Submit Check my work 3 The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy: 6.68 points eBook Print LIMESTONE COMPANY Balance sheet June 3, 2020 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long-term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 13,000 75,000 108,000 110,000 310,000 200,000 $ 816,000 $ 118,000 270,000 200,000 130.000 98,000 $ 816,000 Additional Information . If the company is liquidated, administrative expenses are estimated at $28,000. The accounts payable figure includes $20,000 in wages earned by the company's 12 employees during May. No one earned more than $3,200. Liabilities do not include taxes of $24,000 owed to the U.S. government. Company officials estimate that 34 percent of the accounts receivable will be collected in a liquidation and that the inventory . MC 3 of 3 Next Chapter 13 Homework Melo 3 Check my werk Company officials estimate that 34 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $90,000. The land and buildings will be sold together for approximately $230,000, the equipment should bring $140,000 at auction 68 sints Prepare a statement of financial affairs for Limestone Company as of June 3, 2020 eBook LIMESTONE COMPANY Statement of Financial Affairs June 3, 2020 Print Book Values Assets Available for Unsecured Creditors Pledged with Fully Secured Creditors: 0 Pledged with Partially Secured Creditors: Free Assets: $ 0 Total amount available to pay liabilities with priority and unsecured creditors Next 3 $ 0 Available for unsecured creditors Estimated deficiency 0 $ $ 0 6.68 points Book Values - Liabilities and Stockholders' Equity Unsecured Nonpriority Liabilities Liabilities with Priority: eBook Print Total 0 Fully Secured Creditors: Partially Secured Creditors: $ 0 Unsecured Creditors: Stockholders' equity 0 $ 0 $