DO not give answer in image Required:Prepare a statement of financial affairs for Limestone Company as of June 3, 2024.Book Values$0Book Values$0LIMESTONE COMPANYStatement of Financial AffairsJune 3, 2024AssetsPledged with Fully Secured Creditors:Free Assets:Pledged with Partially Secured Creditors:Total amount available to pay liabilities withpriority and unsecured creditorsAvailable for unsecured creditorsEstimated deficiencyLiabilities and Stockholders' EquityLiabilities with Priority:TotalFully Secured Creditors:Partially Secured Creditors:Unsecured Creditors:Stockholders' equity$0Available forUnsecuredCreditors$$$$UnsecuredNonpriorityLiabilities$$00000 The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2024, the date on which thecompany is to file a voluntary petition of bankruptcy:CashAccounts receivable (net)InventoryLandBuildings (net)Equipment (net)Total assetsAdditional Information●●LIMESTONE COMPANYBalance SheetJune 3, 2024AssetsLiabilities and EquitiesAccounts payableNotes payable-current (secured by equipment)Notes payable-long term (secured by land and buildings)Common stockRetained earningsTotal liabilities and equities$ 6,00068,00094,000103,000303,000186,000$ 760,000If the company is liquidated, administrative expenses are estimated at $21,000.The accounts payable figure includes $13,000 in wages earned by the company's 12 employees during May. No one earned morethan $2,500 of that total.• Liabilities do not include taxes of $17,000 owed to the U.S. government.Company officials estimate that 40 percent of the accounts receivable will be collected in a liquidation and that the inventorydisposal will bring $83,000. The land and buildings will be sold together for approximately $316,000; the equipment should bring$133,000 at auction.$ 104,000256,000193,000123,00084,000$760,000

Liquidation -The voluntary creditor's procedure and the voluntary member's process are two subtypes…

Required: Prepare a statement of financial affairs for Limestone Company as of June 3, 2024. Book Values LIMESTONE COMPANY Statement of Financial Affairs June 3, 2024 Assets Pledged with Fully Secured Creditors: Free Assets: Pledged with Partially Secured Creditors: Available for Unsecured Creditors $ 0

Required: Prepare a statement of financial affairs for Limestone Company as of June 3, 2024. Book Values LIMESTONE COMPANY Statement of Financial Affairs June 3, 2024 Assets Pledged with Fully Secured Creditors: Free Assets: Pledged with Partially Secured Creditors: Available for Unsecured Creditors $ 0

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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