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How much must be received by the creditors, respectively

How much must be received by the creditors, respectively

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The administrative expenses are for trustees and other costs of administering the debtor corporation’s estate. How much must be received by the creditors, respectively?

APA Corporation is in bankruptcy and is being liquidated by a court-appointed trustee. The financial report that follows was prepared by the trustee just before the final cash distribution: Assets: Cash.. P100,000 Approved Claims: Mortgage payable (secured by property that was sold for P50,000).. P 80,000 50,000 Accounts Payable, unsecured.. Administrative expenses payable, Unsecured... Salaries payable, unsecured.. 8,000 2,000 P140,000
Transcribed Image Text:APA Corporation is in bankruptcy and is being liquidated by a court-appointed trustee. The financial report that follows was prepared by the trustee just before the final cash distribution: Assets: Cash.. P100,000 Approved Claims: Mortgage payable (secured by property that was sold for P50,000).. P 80,000 50,000 Accounts Payable, unsecured.. Administrative expenses payable, Unsecured... Salaries payable, unsecured.. 8,000 2,000 P140,000
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