Pledged Assets : Plant, property, and equipment (PPE) Merchandise inventory Free assets Total assets Secured liabilities Bonds payable (secured by PPE) Notes payable (secured by merchandise inventory) Unsecured liabilities: Тахes Salaries and wages Accounts payable BCV ERV 72,000 59,200 56,000 187,200 60,000 41,600 32,000 133,600 24,000 48,000 3,000 2,600 5,600 89,600

Pledged Assets : Plant, property, and equipment (PPE) Merchandise inventory Free assets Total assets Secured liabilities Bonds payable (secured by PPE) Notes payable (secured by merchandise inventory) Unsecured liabilities: Тахes Salaries and wages Accounts payable BCV ERV 72,000 59,200 56,000 187,200 60,000 41,600 32,000 133,600 24,000 48,000 3,000 2,600 5,600 89,600

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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Question

The following data were taken from the Statement of Affairs of Greenfield Corporation:

What is the estimated amount the holders of the notes payable will receive in the event of liquidation?

Pledged Assets:
Plant, property, and equipment (PPE)
Merchandise inventory
Free assets
Total assets
Secured liabilities
Bonds payable (secured by PPE)
Notes payable (secured by merchandise inventory)
Unsecured liabilities:
BCV
ERV
72,000
59,200
56,000
187,200
60,000
41,600
32,000
133,600
24,000
48,000
Taxes
3,000
2,600
Salaries and wages
Accounts payable
5,600
89,600

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