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 trai balance as of March 14. 2020. Assume thot the company willililiguldated and the foliowing transactions will occur - Accounts receivable of 539,000 are collecteo with remander whtten orf - All of the companys imventary ss sold ror $61.000 - Additional accounts payable of $31,000 uncurred for vorious expenses, such as writhes and maentenance. are discovered - The land and buliding are sold for $113000 - The note payable due to the Coloraco Smings and Laan ls pald : The equipment is sold at aucuon for only $32000 Whithe ploceeds apolidinent the note owed to the First National Bank. - Adminictative expenses totol \$41,000 os of July 23,2020 , butho payment has been made yet Q. Prepare a statement of realzation and ilguldaton for the period from March 14. 2020 through July 23.2020 Complete this question by entering your answers in the tabs below. ulal vaiance as Ui MiatCr1 14, UU. Assume that the company will be liquidated and the following transactions will occur - Accounts recelvable of $39,000 are coliected with remainder written off. - All of the company's inventory is sold for $61.000. - Additional accounts payable of $31,000 incurred for various expenses, such as utilities and maintenance, are discovered. - The land and buliding are sold for $113,000 - The note payable due to the Colorado Savings and Loan is paid, - The equipment is sold at auction for on - The investments are sold for $63,000 Whe proceeds applled to the note owed to the First National Bank. 0. Prepare a statement of realization and liquidation for the period from March 14, 2020, through July 23, 2020. b. How much cash would be paid to an unsecured. nonprionty creditor that Lynch, Inc, owes a total of $4,000 ? Complete this question by entering your answers in the tabs below. How much cash would be paid to an unsecured, nonpriority ereditor that Lynch, Ine, owes a total of $4,000 ? (Round wour Final answer to neareit whole dollar amount.) 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 trai balance as of March 14. 2020. Assume thot the company willililiguldated and the foliowing transactions will occur - Accounts receivable of 539,000 are collecteo with remander whtten orf - All of the companys imventary ss sold ror $61.000 - Additional accounts payable of $31,000 uncurred for vorious expenses, such as writhes and maentenance. are discovered - The land and buliding are sold for $113000 - The note payable due to the Coloraco Smings and Laan ls pald : The equipment is sold at aucuon for only $32000 Whithe ploceeds apolidinent the note owed to the First National Bank. - Adminictative expenses totol \$41,000 os of July 23,2020 , butho payment has been made yet Q. Prepare a statement of realzation and ilguldaton for the period from March 14. 2020 through July 23.2020 Complete this question by entering your answers in the tabs below. ulal vaiance as Ui MiatCr1 14, UU. Assume that the company will be liquidated and the following transactions will occur - Accounts recelvable of $39,000 are coliected with remainder written off. - All of the company's inventory is sold for $61.000. - Additional accounts payable of $31,000 incurred for various expenses, such as utilities and maintenance, are discovered. - The land and buliding are sold for $113,000 - The note payable due to the Colorado Savings and Loan is paid, - The equipment is sold at auction for on - The investments are sold for $63,000 Whe proceeds applled to the note owed to the First National Bank. 0. Prepare a statement of realization and liquidation for the period from March 14, 2020, through July 23, 2020. b. How much cash would be paid to an unsecured. nonprionty creditor that Lynch, Inc, owes a total of $4,000 ? Complete this question by entering your answers in the tabs below. How much cash would be paid to an unsecured, nonpriority ereditor that Lynch, Ine, owes a total of $4,000 ? (Round wour Final answer to neareit whole dollar amount.)
