Question & Answer: shared folder Apps New Tab G A private not-for-pro CanipeWhitney 돈 connect. ACCT403 Dev 2015: ACCT 403-Fall B 20171 A…..

shared folder Apps New Tab G A private not-for-pro CanipeWhitney 돈 connect. ACCT403 Dev 2015: ACCT 403-Fall B 20171 ACCOUNTING Chapter 13 Question 2 (of 4) 5.00 points A company preparing for a Chapter 7 liquidation has the following liabilities: .Note payable A of $112,000 secured by land having a book value of $61,000 and a fair value of $81,000 Note payable B of $142.000 secured by a building having a $71,000 book value and a $51,000 fair value Note payable C of $71,000, unsecured Administrative expenses payable of $31,000 Accounts payable off $131,000. Income taxes payable of $41,000 The company also has these other assets: Cash of $21,000 Inventory of $122,000 but with fair value of $71,000 Equipment of $112,000 but with fair value of $61000 How much will each of the companys liabilties be paid at liquidation? Payment on note payable A Payment on note payableB Payment on note payable C Payment on administrative expenses Payment on accounts payable Payment on income taxes payable References eBook & Resources Problem Learning Objective: 13-03 Identify the various types of creditors as hey are labeled during a bankruptcy Difficulty: Medium Learning Objective: 13-06 Account for the liquidation of a company in bankruptcy especialy when using the liquidation basis of Type here to search

shared folder Apps New Tab G A private not-for-pro CanipeWhitney 돈 connect. ACCT403 Dev 2015: ACCT 403-Fall B 20171 ACCOUNTING Chapter 13 Question 2 (of 4) 5.00 points A company preparing for a Chapter 7 liquidation has the following liabilities: .Note payable A of $112,000 secured by land having a book value of $61,000 and a fair value of $81,000 Note payable B of $142.000 secured by a building having a $71,000 book value and a $51,000 fair value Note payable C of $71,000, unsecured Administrative expenses payable of $31,000 Accounts payable off $131,000. Income taxes payable of $41,000 The company also has these other assets: Cash of $21,000 Inventory of $122,000 but with fair value of $71,000 Equipment of $112,000 but with fair value of $61000 How much will each of the company’s liabilties be paid at liquidation? Payment on note payable A Payment on note payableB Payment on note payable C Payment on administrative expenses Payment on accounts payable Payment on income taxes payable References eBook & Resources Problem Learning Objective: 13-03 Identify the various types of creditors as hey are labeled during a bankruptcy Difficulty: Medium Learning Objective: 13-06 Account for the liquidation of a company in bankruptcy especialy when using the liquidation basis of Type here to search

Expert Answer

 

Payment on Income taxes payable = $41000

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Payment on Note payable A = $61000

Payment on Note payable B = $153000 – ($41000 + $61000) = $51000

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