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The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 3,200 Notes payable (secured by land) 152,000 Accounts payable 101,000
The Walston Company is to be liquidated and has the following liabilities:
| Income taxes | $ | 3,200 |
| Notes payable (secured by land) | 152,000 | |
| Accounts payable | 101,000 | |
| Salaries payable (evenly divided between two employees) | 22,000 | |
| Bonds payable | 86,000 | |
| Administrative expenses for liquidation | 36,000 | |
The company has the following assets:
| Book Value | Fair Value | ||||||
| Current assets | $ | 96,000 | $ | 51,000 | |||
| Land | 116,000 | 106,000 | |||||
| Buildings and equipment | 116,000 | 150,000 | |||||
How much money will the holders of the notes payable collect following liquidation?
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Food Hygiene Auditing
Authors: N. Chesworth
1997th Edition
1461380545, 978-1461380542
