Becket Corporation’s accountant has prepared the following balance sheet as of November 10, 2017, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of the Bankruptcy Reform Act:
BECKET CORPORATION
Balance Sheet
November 10, 2017
Assets
Cash $ 12,000
Accounts receivable (net) 61,000
Investments 26,000
Inventory (net realizable value is expected to approximate 80% of cost) 80,000
Land 57,000
Buildings (net) 248,000
Equipment (net) 117,000
Total assets $ 601,000
Liabilities and Equities
Accounts payable $ 129,000
Notes payable—current (secured by equipment) 220,000
Notes payable—(due in 2020) (secured by land and buildings) 325,000
Common stock ($10 par value) 60,000
Retained earnings (deficit) (133,000)
Total liabilities and equities $ 601,000
The company has presented the following proposal:
Prepare journal entries for Becket to record the transactions as put forth in this reorganization plan.
Becket Corporation’s accountant has prepared the following balance sheet as of November 10, 2017, the date...
Becket Corporation's accountant has prepared the following balance sheet as of November 10, 2017, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of the Bankruptcy Reform Act: BECKET CORPORATION Balance Sheet November 10, 2017 Assets Cash $ 24,000 Accounts receivable (net) 73,000 Investments 38,000 Inventory (net realizable value is expected to approximate 600 of cost) 92,000 Land 69,000 Buildings (net) 260,000 Equipment (net) 141,000 Total assets $ 697,000 Liabilities and Equities...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2020 Assets Cash $ 12,000 Accounts receivable (net) 74,000 Inventory 106,000 Land 109,000 Buildings (net) 309,000 Equipment (net) 198,000 Total assets $ 808,000 Liabilities and Equities Accounts payable $ 116,000 Notes payable—current (secured by equipment) 268,000 Notes payable—long-term (secured by land and...
3 The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy: 58 Ints eBook LIMESTONE COMPANY Balance Sheet June 3, 2020 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long-term (secured by land and buildings) Common stock Retained earnings Total liabilities and...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 6,...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: $ LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities 4,000...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company Is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets 6, eee 68,eee 94, eee Cash $ Accounts receivable (net) Inventory Land 103,eee 303,eee 186,eee Buildings (net) Equipment (net) $ 760,00e Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long term (secured by land and...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash $ 14,000 Accounts receivable (net) 87,000 Inventory 132,000 Land 122,000 Buildings (net) 322,000 Equipment (net) 224,000 Total assets $ 901,000 Liabilities and Equities Accounts payable $ 142,000 Notes payable—current (secured by equipment) 294,000 Notes payable—long term (secured by land...
Problem 13-45 (LO 13-4, 13-6) The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long term (secured by land and buildings) Common stock Retained earnings Total...
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash $ 10,000 Accounts receivable (net) 72,000 Inventory 102,000 Land 107,000 Buildings (net) 307,000 Equipment (net) 194,000 Total assets $ 792,000 Liabilities and Equities Accounts payable $ 112,000 Notes payable—current (secured by equipment) 264,000 Notes payable—long term (secured by land...
Help Save & EN Submit Check my work 3 The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy: 6.68 points eBook Print LIMESTONE COMPANY Balance sheet June 3, 2020 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long-term (secured by land...