A company going through a Chapter 7 bankruptcy has the following account balances: Cash . . . . . . . . . . . . . . . . . . $ 30,000 Receivables (30% collectible) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50,000Inventory (worth $39,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 90,000Land (worth $120,000) (secures note payable) . . . . . . . . . . . . . . . 100,000Buildings (worth $180,000) (secures bonds payable) . . . . . . . . . . 200,000. Salaries payable (Four workers owed equal amounts for last two weeks) . . . 10,000Accounts payable . . . . . . . . . .90,000Note payable (secured by land) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000Bonds payable (secured by building) . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 100,000Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . (140,000) How much will be paid to each of the following? Salaries payable Accounts payable Note payable Bonds payable
A company going through a Chapter 7 bankruptcy has the following account balances:
Cash . . . . . . . . . . . . . . . . . . $ 30,000
Receivables (30% collectible) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50,000
Inventory (worth $39,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 90,000
Land (worth $120,000) (secures note payable) . . . . . . . . . . . . . . . 100,000
Buildings (worth $180,000) (secures bonds payable) . . . . . . . . . . 200,000. Salaries payable (Four workers owed equal amounts for last two weeks) . . . 10,000
Accounts payable . . . . . . . . . .90,000
Note payable (secured by land) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000
Bonds payable (secured by building) . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 100,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . (140,000)
How much will be paid to each of the following?
Salaries payable Accounts payable Note payable Bonds payable
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