The following information on Big Looser Incorporated (Number: 12345678) has been provided to you: Latest Balance Sheet as at 31" December 2011 (A sums are in S's) Current Assets Cash at Bank Accounts Receivable Inventories Prepayments Total Current Assets 2.000 120.000 655.000 15.000 792,000 Non-Current Assets Plant & Equipment Less: Accumulated Depreciation (145,000) Net 150,000 5,000 Goodwill 50,000 20,000 Patents Research & Development 25,000 Total Assets 892.000 Liabilities Current Liabilities Accounts Payable Arrears of Employee Wages 20,000 Taxes Payable Total Current Liabilities 830,000 30,000 880,000 Non Current Liabilities Bank Loan (Secured against Inventories) 500.000 1,380,000 Total Liabilities Total Equity- Negative (488,000) The Following additional; information is given. Accounts Receivable includes known bad debts of $21,000. Also the directors expect that only 90% of the remaining Accounts Receivable will pay. -Inventories have an auction value of S430.000. Prepayments represent the advance payments for the rent of the company's premises. This will not be refunded. Plant & Equipment can be auctioned off and will sel for $70,000. Goodwill, Patents and Research & Development have no value. The Secured Creditor is the Bank of Good Faith. Security given was a fixed charge against inventories on the 15 January 2008 The wages creditors represent 20 employees each being owed S1.000 each. -Accounts Payabie are as foliows: ABC Supplies XYZ Corp Better Buys Limited $250,000 $270,000 $310.000 REQUIRED: Prepare the Statement of Affairs as at today's date The following information on Big Looser Incorporated (Number: 12345678) has been provided to you: Latest Balance Sheet as at 31" December 2011 (A sums are in S's) Current Assets Cash at Bank Accounts Receivable Inventories Prepayments Total Current Assets 2.000 120.000 655.000 15.000 792,000 Non-Current Assets Plant & Equipment Less: Accumulated Depreciation (145,000) Net 150,000 5,000 Goodwill 50,000 20,000 Patents Research & Development 25,000 Total Assets 892.000 Liabilities Current Liabilities Accounts Payable Arrears of Employee Wages 20,000 Taxes Payable Total Current Liabilities 830,000 30,000 880,000 Non Current Liabilities Bank Loan (Secured against Inventories) 500.000 1,380,000 Total Liabilities Total Equity- Negative (488,000) The Following additional; information is given. Accounts Receivable includes known bad debts of $21,000. Also the directors expect that only 90% of the remaining Accounts Receivable will pay. -Inventories have an auction value of S430.000. Prepayments represent the advance payments for the rent of the company's premises. This will not be refunded. Plant & Equipment can be auctioned off and will sel for $70,000. Goodwill, Patents and Research & Development have no value. The Secured Creditor is the Bank of Good Faith. Security given was a fixed charge against inventories on the 15 January 2008 The wages creditors represent 20 employees each being owed S1.000 each. -Accounts Payabie are as foliows: ABC Supplies XYZ Corp Better Buys Limited $250,000 $270,000 $310.000 REQUIRED: Prepare the Statement of Affairs as at today's date The following information on Big Looser Incorporated (Number: 12345678) has been provided to you: Latest Balance Sheet as at 31" December 2011 (A sums are in S's) Current Assets Cash at Bank Accounts Receivable Inventories Prepayments Total Current Assets 2.000 120.000 655.000 15.000 792,000 Non-Current Assets Plant & Equipment Less: Accumulated Depreciation (145,000) Net 150,000 5,000 Goodwill 50,000 20,000 Patents Research & Development 25,000 Total Assets 892.000 Liabilities Current Liabilities Accounts Payable Arrears of Employee Wages 20,000 Taxes Payable Total Current Liabilities 830,000 30,000 880,000 Non Current Liabilities Bank Loan (Secured against Inventories) 500.000 1,380,000 Total Liabilities Total Equity- Negative (488,000) The Following additional; information is given. Accounts Receivable includes known bad debts of $21,000. Also the directors expect that only 90% of the remaining Accounts Receivable will pay. -Inventories have an auction value of S430.000. Prepayments represent the advance payments for the rent of the company's premises. This will not be refunded. Plant & Equipment can be auctioned off and will sel for $70,000. Goodwill, Patents and Research & Development have no value. The Secured Creditor is the Bank of Good Faith. Security given was a fixed charge against inventories on the 15 January 2008 The wages creditors represent 20 employees each being owed S1.000 each. -Accounts Payabie are as foliows: ABC Supplies XYZ Corp Better Buys Limited $250,000 $270,000 $310.000 REQUIRED: Prepare the Statement of Affairs as at today's date