Question
In: Accounting
A company that was to be liquidated had the following liabilities: Income taxes 10000 Note Payable...
A company that was to be liquidated had the following liabilities:
|
|
10000 |
|
Note Payable (secured by building) |
200000 |
|
Account Payable |
100000 |
|
Salaries (Ahmed 20000 and Salem 2000) |
22000 |
|
Bond payable |
90000 |
|
Admin expenses for liquidation |
30000 |
The company had the following assets:
|
Item |
Book-value |
Fair value |
|
Current Assets |
100000 |
45000 |
|
Pre-paid Assets |
2000 |
1800 |
|
Building |
180000 |
155000 |
|
Land |
120000 |
150000 |
Maximum employees’ payment does not excess $12475.
a. Calculate total assets available to pay liabilities with
priority and unsecured creditors?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 9,600...
The Walston Company is to be liquidated and has the following
liabilities:
Income taxes
$
9,600
Notes payable (secured by land)
156,000
Accounts payable
103,000
Salaries payable (evenly divided between two employees)
24,000
Bonds payable
88,000
Administrative expenses for liquidation
38,000
The company has the following assets:
Book Value
Fair Value
Current assets
$
98,000
$
53,000
Land
118,000
108,000
Buildings and equipment
118,000
162,000
How much money will the holders of the notes payable collect
following liquidation?
The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 3,900...
The Walston Company is to be liquidated and has the following
liabilities:
Income taxes $ 3,900
Notes payable (secured by land) 126,000
Accounts payable 88,000
Salaries payable (evenly divided between two employees)
7,000
Bonds payable 73,000
Administrative expenses for liquidation 23,000
The company has the following assets:
Current assets $ 83,000 $ 38,000 (Book Value, Fair Value)
Land 103,000 93,000
Buildings and equipment 103,000 122,000
How much money will the holders of the notes payable collect
following liquidation?
A company preparing for a Chapter 7 liquidation has the following liabilities: Note payable A of...
A company preparing for a Chapter 7 liquidation has the
following liabilities: Note payable A of $138,000 secured by land
having a book value of $74,000 and a fair value of $94,000. Note
payable B of $168,000 secured by a building having a $84,000 book
value and a $64,000 fair value. Note payable C of $84,000,
unsecured. Administrative expenses payable of $44,000. Accounts
payable of $144,000. Income taxes payable of $54,000. The company
also has these other assets: Cash of...
A company preparing for a Chapter 7 liquidation has the following liabilities: Note payable A of...
A company preparing for a Chapter 7 liquidation has the
following liabilities:
Note payable A of $140,000 secured by land having a book value
of $75,000 and a fair value of $95,000.
Note payable B of $170,000 secured by a building having a
$85,000 book value and a $65,000 fair value.
Note payable C of $85,000, unsecured.
Administrative expenses payable of $45,000.
Accounts payable of $145,000.
Income taxes payable of $55,000.
The company also has these other assets:
Cash of...
A company preparing for a Chapter 7 liquidation has the following liabilities: • Note payable A...
A company preparing for a Chapter 7 liquidation has the
following liabilities:
• Note payable A of $98,000 secured by land having a book value
of $54,000 and a fair value of $74,000.
• Note payable B of $128,000 secured by a building having a
$64,000 book value and a $44,000 fair value.
• Note payable C of $64,000, unsecured.
• Administrative expenses payable of $24,000.
• Accounts payable of $124,000.
• Income taxes payable of $34,000.
The company also...
A company preparing for a Chapter 7 liquidation has the following liabilities: Note payable A of...
A company preparing for a Chapter 7 liquidation has the
following liabilities:
Note payable A of $126,000 secured by land having a book value
of $68,000 and a fair value of $88,000.
Note payable B of $156,000 secured by a building having a
$78,000 book value and a $58,000 fair value.
Note payable C of $78,000, unsecured.
Administrative expenses payable of $38,000.
Accounts payable of $138,000.
Income taxes payable of $48,000.
The company also has these other assets:
Cash of...
Assume that Income Tax Expense was $250,000, and that Income Taxes payable decreased by $14,000 and...
Assume that Income Tax Expense was $250,000, and that Income
Taxes payable decreased by $14,000 and Deferred Tax Liability
increased by $29,000. What amount of cash was paid for Income
Taxes?
company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained...
company uses the following accounts:
Cash Income Taxes Payable Accounts Receivable Capital Stock
Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office
Supplies Income Summary Rental Equipment Rental Fees Earned
Accumulated Depreciation: Salaries Expense Rental Equipment
Maintenance Expense Notes Payable Utilities Expense Accounts
Payable Rent Expense Interest Payable Office Supplies Expense
Salaries Payable Depreciation Expense Dividends Payable Interest
Expense Unearned Rental Fees Income Taxes Expense
Dec. 1 Issued to John and Patty Driver 20,000 shares of capital
stock in exchange for...
Current liabilities includes all of the following except income tax payable. mortgage due to be paid...
Current liabilities includes all of the following
except
income tax payable.
mortgage due to be paid this year.
notes receivable.
advance payments from customers.
A company had the following assets and liabilities at the beginning and end of the current...
A company had the following
assets and liabilities at the beginning and end of the current
year:
Assets
Liabilities
Beginning of
year
$
230,000
$
96,000
End of the year
261,000
78,200
Common stock in the amount of $ 23,000 was issued and dividends of
$ 6,600 were paid during the year. What is the amount of net income
for the year?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- function X=extractDWT(x_train,startS,endS,wStep,wRange) % x_train = input signal % startS = from second % endS = end...
- Do you agree that Social Loafing is similar to Theory X. Give an example to support...
- Computing Cost of Goods Sold and Ending Inventory. Bartov Corporation reports the following beginning inventory and...
- SQL FORMAT (11-13 are completed and correct) -- 11. what are the names of all students...
- You have been hired as a capital budgeting analyst by Advent Sports, a sporting goods firm...
- DESCRIBE WHAT HAPPENS WHEN WE BECOME CONSCIOUS OF SOMETHING. WHAT HAS TO HAPPEN FOR CONSCIOUS AWARENESS...
- 3) You are rolling a 12 sided die 8 times. a) What is the size for...
ADVERTISEMENT