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Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise.

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Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the drop in revenues, the company is now insolvent. The following is a trial balance as of March 14, 2020 Assume that the company will be liquidated and the following transactions will occur: - Accounts receivable of $33,000 are collected with remainder written off. - All of the compony's inventory is sold for $55,000. - Additional accounts payable of $25,000 incurred for various expenses, such as utilities and maintenance, are discovered - The land and building are sold for $101,000 - The note payable due to the Coloredo Savings and Loan is poid - The equipment is sold at auction for only $26,000 with the proceeds applied to the note owed to the First National Bank. - The investments are sold for $51,000. - Administrative expenses total $35,000 as of July 23,2020, but no poyment has been made yet. a. Prepore a statement of realization and liquidation for the period from Morch 14, 2020, through July 23, 2020 b. How much cash would be paid to an unsecured, nonpriority creditor that lynch, Inc, owes a total of $7,000 ? Complete this question by entering your answers in the tabs below. - Accounts recelvable of $33,000 are colected with remainder written off. - Alt of the company's inventory is sold for $55.000 - Additional accounts payable of $25,000 incurred for various expenses, such as utilities and maintenance, are discovered. - The land and building are sold for $101,000. - The note payable due to the Colorado Sovings and Loan is poid. - The equipment is sold at auction for only $26,000 with the proceeds applied to the note owed to the First National Bank. - The investments are sold for $51,000 - Administrative expenses total $35,000 as of July 23,2020, but no payment has been made yet. a. Prepare a statement of realization and liquidation for the period from Mareh 14, 2020, through July 23,2020 . b. How much cash would be paid to an unsecured, nonpriority creditor that Lynch, Inc, owes a total of $7,000 ? Complete this question by entering your answers in the tabs below. Lynch, Inc, is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the drop in revenues, the company is now insolvent. The following is a trial balance as of March 14, 2020 . Assume that the company will be liquidated and the following transactions will occur: - Accounts receivable of $33,000 are collected with remainder written off: - All of the company's inventory is sold for $55,000. - Additional accounts payable of $25,000 incurred for various expenses, such as utilities and maintenance, are discovered. - The land and building are sold for $101,000. - The note payable due to the Colorado Savings and Loan is paid. - The equipment is sold at auction for only $26,000 with the proceeds applied to the note owed to the First National Bank. - The investments are sold for $51,000. - Administrative expenses total $35,000 as of July 23,2020, but no payment has been made yet. a. Prepare a statement of realization and liquidation for the period from March 14, 2020, through July 23, 2020. b. How much cash would be pald to an unsecured, nonprionity creditor that tynch, inc, owes a total of $7,000 ? Complete this question by entering your answers in the tabs below. How much cash would be pald to an unsecured, nongriority creditor that Lynch, Inc, owes a total of $7,0007 (Round your. final answer to fiearest whole dollar amount.)

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