Alpha Corp., about to be liquidated, has the following amounts for its assets and liabilities: Book...
Alpha Corp., about to be liquidated, has the following amounts for its assets and liabilities: Book Value Net Realizable Value Current assets $ 225,000 $ 180,000 Land 80,000 100,000 Building 560,000 450,000 Equipment 250,000 120,000 Accounts payable 200,000 Income taxes payable 80,000 Mortgage payable 600,000 Note payable 75,000 The mortgage is secured by the land and building, and the note payable is secured by the equipment. Alpha expects that the expenses of administering the liquidation will total $45,000. How much should Alpha expect to pay on the accounts payable
Homework Answers
Add Answer to:
Alpha Corp., about to be liquidated, has the following amounts
for its assets and liabilities: Book...
Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: Net...
Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: Net Book Realizable Value Value Current assets $ 200,000 $ 140,000 Land 70,000 100,000 Building 500,000 350,000 Equipment 300,000 160,000 Accounts payable 240,000 Income taxes payable 60,000 Mortgage payable 510,000 Note payable 80,000 The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000. How much...
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 $130,000 secured by land having a book value of $70,000 and a fair value of $90,000. Note payable B of $160,000 secured by a building having a $80,000 book value and a $60,000 fair value. Note payable C of $80,000, unsecured. Administrative expenses payable of $40,000. Accounts payable of $140,000. Income taxes payable of $50,000. 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 $110,000 secured by land having a book value of $60,000 and a fair value of $80,000. . Note payable B of $140,000 secured by a building having a $70,000 book value and a $50,000 fair value. • Note payable C of $70,000, unsecured. Administrative expenses payable of $30,000. • Accounts payable of $130,000. • Income taxes payable of $40,000. The company also has...
The Walston Company is to be liquidated and has the following liabilities: $ 12,000 160,000 105,000...
The Walston Company is to be liquidated and has the following liabilities: $ 12,000 160,000 105,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 9,000 90,000 40,000 The company has the following assets: Current assets Land Buildings and equipment Book Value $ 100,000 120,000 120,000 Fair Value $ 55,000 110,000 153,000 How much money will the holders of the notes payable collect following liquidatior Total amount...
A company that was to be liquidated had the following liabilities: Income Taxes $ 15,000 Notes...
A company that was to be liquidated had the following liabilities: Income Taxes $ 15,000 Notes Payable secured by land 120,000 Accounts Payable 48,000 Salaries Payable ($18,000 for Employee #1 and $5,000 for Employee #2) 23,000 Administrative expenses for liquidation 25,000 The company had the following assets: Book Value Fair Value Current Assets $ 130,000 $115,000 Land 60,000 100,000 Building 175,000 220,000 Total liabilities with priority are calculated to be what amount?
The Walston Company is to be liquidated and has the following liabilities: $ 5,400 142,000 96,000...
The Walston Company is to be liquidated and has the following liabilities: $ 5,400 142,000 96,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 17,000 81,000 31,000 The company has the following assets: Current assets Land Buildings and equipment Book Value Fair Value $ 91,000 $ 46,000 111,000 101,000 111,000 160,000 How much money will the holders of the notes payable collect following liquidation? Total amount...
The Walston Company is to be liquidated and has the following liabilities: $ 11,200 132,000 91,000...
The Walston Company is to be liquidated and has the following liabilities: $ 11,200 132,000 91,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 12,000 76,000 26,000 The company has the following assets: Current assets Land Buildings and equipment Book Value $ 86,000 106,000 106,000 Fair Value $ 41,000 96,000 130,000 How much money will the holders of the notes payable collect following liquidation? Total amount...
The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 9,400...
The Walston Company is to be liquidated and has the following liabilities: Income taxes $ 9,400 Notes payable (secured by land) 144,000 Accounts payable 97,000 Salaries payable (evenly divided between two employees) 18,000 Bonds payable 82,000 Administrative expenses for liquidation 32,000 The company has the following assets: Book Value Fair Value Current assets $ 92,000 $ 47,000 Land 112,000 102,000 Buildings and equipment 112,000 145,000 How much money will the holders of the notes payable collect following liquidation? =
Statement of Affairs Dellwood Corporation is experiencing difficulty in paying its bills and is considering filing...
Statement of Affairs Dellwood Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy. Current data as of September 30, 2017, show the following: Assets Expected Realizable Value Cash $ 20,000 Accounts receivable 325,000 Inventory-materials 100,000 Inventory-finished goods 400,000 Land 200,000 Building 1,100,000 Trucks 45,000 Equipment 200,000 Liabilities Book Value Secured by Accounts payable $ 800,000 Bank loan 275,000 80% of receivables Wages payable 140,000 Taxes payable 75,000 Truck loan 70,000 Trucks with $30,000 estimated realizable...
A company preparing for a Chapter 7 liquidation has listed the following liabilities: Note payable A...
A company preparing for a Chapter 7 liquidation has listed the
following liabilities:
Note payable A of $102,000 secured by land having a book value
of $56,000 and a fair value of $76,000.
Note payable B of $132,000 secured by a building having a
$66,000 book value and a $46,000 fair value.
Note payable C of $66,000, unsecured.
Administrative expenses payable of $26,000.
Accounts payable of $126,000.
Income taxes payable of $36,000.
The company also has these other assets:
Cash...
A company preparing for a Chapter 7 liquidation has the following liabilities: • Note payable A of $110,000 secured by land having a book value of $60,000 and a fair value of $80,000. . Note payable B of $140,000 secured by a building having a $70,000 book value and a $50,000 fair value. • Note payable C of $70,000, unsecured. Administrative expenses payable of $30,000. • Accounts payable of $130,000. • Income taxes payable of $40,000. The company also has...
The Walston Company is to be liquidated and has the following liabilities: $ 12,000 160,000 105,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 9,000 90,000 40,000 The company has the following assets: Current assets Land Buildings and equipment Book Value $ 100,000 120,000 120,000 Fair Value $ 55,000 110,000 153,000 How much money will the holders of the notes payable collect following liquidatior Total amount...
The Walston Company is to be liquidated and has the following liabilities: $ 5,400 142,000 96,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 17,000 81,000 31,000 The company has the following assets: Current assets Land Buildings and equipment Book Value Fair Value $ 91,000 $ 46,000 111,000 101,000 111,000 160,000 How much money will the holders of the notes payable collect following liquidation? Total amount...
The Walston Company is to be liquidated and has the following liabilities: $ 11,200 132,000 91,000 Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation 12,000 76,000 26,000 The company has the following assets: Current assets Land Buildings and equipment Book Value $ 86,000 106,000 106,000 Fair Value $ 41,000 96,000 130,000 How much money will the holders of the notes payable collect following liquidation? Total amount...
A company preparing for a Chapter 7 liquidation has listed the
following liabilities:
Note payable A of $102,000 secured by land having a book value
of $56,000 and a fair value of $76,000.
Note payable B of $132,000 secured by a building having a
$66,000 book value and a $46,000 fair value.
Note payable C of $66,000, unsecured.
Administrative expenses payable of $26,000.
Accounts payable of $126,000.
Income taxes payable of $36,000.
The company also has these other assets:
Cash...
Most questions answered within 3 hours.
-
Find the value of z such that 62.9% of the total area is to the
left...
asked 2 minutes ago -
How many moles are in 169 kg of Au?
asked 10 minutes ago -
If
a measure entity (thing) is a vector how many different types of
information are required...
asked 13 minutes ago -
A speeding driver sees a police officer, hits her brakes, and
changes her speed from 45...
asked 14 minutes ago -
Calculate the Molarity, M, of a solution that was prepared by
dissolving 734 grams of lithium...
asked 15 minutes ago -
Give a chemical reaction for the reaction of 2-butanol with
chromium trioxide
asked 26 minutes ago -
Community relations are a large part of business outreach and
growing a brand. If you've been...
asked 35 minutes ago -
One way to measure the amount of energy that is expended during
exercise is to use...
asked 31 minutes ago -
What is the Erikson 8 stages of development theory’s relevance
and application to individuals, families, groups,...
asked 45 minutes ago -
Consider a dataset on house sales that is used to regress Y =
selling price of...
asked 49 minutes ago -
True or false. Please explain your answer.
If you are choosing between two different sizes of...
asked 52 minutes ago -
HBR Article: How to Act Quickly Without Sacrificing Critical
Thinking
Read the attached Harvard Business Review...
asked 1 hour ago