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The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 5,800 Notes payable (secured by land) 148,000 Accounts payable 99,000
The Walston Company is to be liquidated and has the following liabilities:
| Income taxes | $ | 5,800 |
| Notes payable (secured by land) | 148,000 | |
| Accounts payable | 99,000 | |
| Salaries payable (evenly divided between two employees) | 20,000 | |
| Bonds payable | 84,000 | |
| Administrative expenses for liquidation | 34,000 | |
The company has the following assets:
| Book Value | Fair Value | ||||||
| Current assets | $ | 94,000 | $ | 49,000 | |||
| Land | 114,000 | 104,000 | |||||
| Buildings and equipment | 114,000 | 147,000 | |||||
How much money will the holders of the notes payable collect following liquidation?
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Performance Audit A Case Study Of Indian Metro Railway Metropolitan Transport Project
Authors: Nilay Saha
1st Edition
3846510556, 978-3846510551
