Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying values and estimated fair values at the assets pl the company are as follows: Carrying Value Fair Value Cash P8,000 P8,000 Accounts Receivable. 18,000. 12,000 Inventory 24,000 14,000 Land 30,000 28,000 Building(net). 72,000. 40,000 Equipment(net) 68,000. 32,000 Debts of the company are as follows: Accounts Payable P24,000 Wages Payable (all have priority) 4,000 Taxes Payable 4,000 Notes Payable (secured by receivable and building) 48,000 Interest on Notes Payable 2,400 Bonds Payable (secured by receivable and building)60,000 Interest on Bonds payable 2,800 Total 145,200 1. what is the total amount of unsecured claims? 2. what is the estimated amount that will be available for general unsecured creditors upon liquidation (net free assets)? 3. Determine the estimated dividend percentage (in decimal form rounded in two
A Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs.
The carrying values and estimated fair values at the assets pl the company are as follows:
Carrying Value Fair Value
Cash P8,000 P8,000
Inventory 24,000 14,000
Land 30,000 28,000
Building(net). 72,000. 40,000
Equipment(net) 68,000. 32,000
Debts of the company are as follows:
Accounts Payable P24,000
Wages Payable (all have priority) 4,000
Taxes Payable 4,000
Notes Payable (secured by receivable and building) 48,000
Interest on Notes Payable 2,400
Bonds Payable (secured by receivable and building)60,000
Interest on Bonds payable 2,800
Total 145,200
1. what is the total amount of unsecured claims?
2. what is the estimated amount that will be available for general unsecured creditors upon liquidation (net free assets)?
3. Determine the estimated dividend percentage (in decimal form rounded in two decimal places).
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