Problem 13-45 (LO 13-4, 13-6) The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 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 $ 5,000 67,000 92,000 Y 102,000 +302,000 184,000 $ 752,000 $ 102,000 254,000 192,000 122,000 82,000 $ 752,800 Additional Information Prev 2 of 3 !!! Next > 13 and equities Check my world Additional Information If the company is liquidated, administrative expenses are estimated at $20,000. The accounts payable figure includes $12,000 in wages earned by the company's 12 employees during May. No one earned more than $2,400. Liabilities do not include taxes of $16,000 owed to the U.S. government. Company officials estimat t 30 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $82,000. The land and buildings will be sold together for approximately $314,000; the equipment should bring $132,000 at auction. Prepare a statement of financial affairs for Limestone Company as of June 3, 2017 LIMESTONE COMPANY Statement of Financial Affairs June 3, 2017 Book Values Assets Available for Unsecured Creditors $ Pledged with Fully Secured Creditors: 5,000 Cash Add: Notes payable-long term 0.100 | $ 20,100 2 of 3 Next >