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The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,2024 , the date on which the company is
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,2024 , the date on which the company is to file a voluntary petition of bankruptcy: Additional Information - If the company is liquidated, administrative expenses are estimated at $41,000. - The accounts payable figure includes $33,000 in wages earned by the company's 12 employees during May. No one earned more than $4,500 of that total. - Liabilities do not include taxes of $37,000 owed to the U.S. government. - Company officials estimate that 36 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $103,000. The land and buildings will be sold together for approximately $356,000; the equipment should bring $153,000 at auction. Required: Prepare a statement of financial affairs for Limestone Company as of June 3, 2024. \begin{tabular}{|l|l|l|l|} \hline \hline Book Values & Liabilities and Stockholders' Equity & & UnsecuredNonpriorityLiabilities \\ \hline & Liabilities with Priority: & & \\ \hline & & & \\ \hline & & & \\ \hline & Total & & \\ \hline & Fully Secured Creditors: & & \\ \hline & & & \\ \hline & & & \\ \hline & Partially Secured Creditors: & & \\ \hline & & & \\ \hline & & & \\ \hline & Unsecured Creditors: & & \\ \hline & & & \\ \hline & & & \\ \hline & Stockholders' equity & & \\ \hline \end{tabular}
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