Question

A company is considering structuring its business as a corporation, please fill the hypothetical Statement of Financial Affairs chart with your own data, thank you! I promise to give a 15$ reward to thanks for you effort.

J Company Statement of Financial Affairs December 31, 2016
Book Values		Available for unsecured creditors
	Assets
	Pledged with fully secured creditors:
	Land and building-------------------------------------
	Less: Long-term notes payable----------------------
	Interest payable----------------------------------------
	Pledged with partially secured creditors:
	Inventory-----------------------------------------------
	Less: Notes payable-----------------------------------
	Free assets:
	Cash-----------------------------------------------------
	Accounts receivable----------------------------------
	Prepaid expenses--------------------------------------
	Equipment----------------------------------------------
	Intangible assets---------------------------------------
	Total available to pay liabilities with priority and unsecured creditors-----------------------------------
	Less: Liabilities with priority-----------------------
	Available for unsecured creditors------------------
	Estimated deficiency---------------------------------
	Liabilities and Stockholders’ Equity
	Liabilities with priority:
	Administrative expenses-----------------------------
	Salaries payable---------------------------------------
	Payroll taxes payable---------------------------------
	Total----------------------------------------------------
	Fully secured creditors:
	Notes payable------------------------------------------
	Interest payable----------------------------------------
	Less: Land and building------------------------------
	Partially secured creditors:
	Notes payable------------------------------------------
	Less: Inventory----------------------------------------
	Unsecured creditors:
	Accounts payable-------------------------------------
	Accrued expenses-------------------------------------
	Stockers’ equity---------------------------------------

Answer 1

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J Company
Statement of Financial Affairs
31-Dec-16
Book Values		Available for
		unsecured
		creditors
	Assets
	Pledged with fully secured creditors:
$             400,000.00	Land and building-------------------------------------	$             310,000.00
	Less: Long-term notes payable----------------------	$             180,000.00
	Interest payable----------------------------------------	$               10,000.00	$             120,000.00
	Pledged with partially secured creditors:
$             180,000.00	Inventory-----------------------------------------------	$             130,000.00
	Less: Notes payable-----------------------------------	$            (250,000.00)	$                          -
	Free assets:
$                 3,000.00	Cash-----------------------------------------------------		$                 3,000.00
$               65,000.00	Accounts receivable----------------------------------		$               26,000.00
$               44,000.00	Prepaid expenses--------------------------------------		$               44,000.00
$               22,000.00	Equipment----------------------------------------------		$               14,000.00
$               22,000.00	Intangible assets---------------------------------------		$               22,000.00
	Total available to pay liabilities with priority and unsecured creditors-----------------------------------		$             229,000.00
	Less: Liabilities with priority-----------------------		$              (42,000.00)
	Available for unsecured creditors------------------		$             187,000.00
	Estimated deficiency---------------------------------		$               21,000.00
$             736,000.00			$             208,000.00
	Liabilities and Stockholders’ Equity
	Liabilities with priority:
	Administrative expenses-----------------------------	$               18,000.00
$               10,000.00	Salaries payable---------------------------------------	$               10,000.00
	Payroll taxes payable---------------------------------	$               14,000.00
	Total----------------------------------------------------	$               42,000.00
	Fully secured creditors:
$             190,000.00	Notes payable------------------------------------------	$             180,000.00
	Interest payable----------------------------------------	$               10,000.00
	Less: Land and building------------------------------	$            (310,000.00)	$                          -
	Partially secured creditors:
$             250,000.00	Notes payable------------------------------------------	$             250,000.00
	Less: Inventory----------------------------------------	$            (130,000.00)	$             120,000.00
	Unsecured creditors:
$               88,000.00	Accounts payable-------------------------------------		$               88,000.00
$             198,000.00	Accrued expenses-------------------------------------		$                          -
$             736,000.00	Stockers’ equity---------------------------------------

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