Company that was to be liquidated had the following liabilities: Income Taxes 10,000 Notes Payable secured by land 100,000 Accounts Payable 251,050 Salaries Payable 12,950 Administrative expenses or liquidation 20,000 The Company had the following assets:   Book Value Fair Value Current assets 100,000 95,000 Land 50,000 75,000 Building 150,000 200,000 QUESTION: Determine the total payment to unsecured creditors.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A Company that was to be liquidated had the following liabilities:

Income Taxes 10,000
Notes Payable secured by land 100,000
Accounts Payable 251,050
Salaries Payable 12,950
Administrative expenses or liquidation 20,000

The Company had the following assets:

  Book Value Fair Value
Current assets 100,000 95,000
Land 50,000 75,000
Building 150,000 200,000

QUESTION:

Determine the total payment to unsecured creditors.

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