Statement of Affairs of Gongcha Corp.: Assets pledged with fully secured liabilities (fair market value P75,000), P90,000 Assets pledged with partially sec. Liabilities (fair market value P52,000), 74,000 Free assets (current fair value P30,000), 70,000 Unsecured liabilities with priority, 7,000 Fully secured liabilities, 30,000 Partially secured liabilities, 60,000 Unsecured liabilities without priority, 112,000 How much is the deficiency to unsecured non-priority?

Statement of Affairs of Gongcha Corp.: Assets pledged with fully secured liabilities (fair market value P75,000), P90,000 Assets pledged with partially sec. Liabilities (fair market value P52,000), 74,000 Free assets (current fair value P30,000), 70,000 Unsecured liabilities with priority, 7,000 Fully secured liabilities, 30,000 Partially secured liabilities, 60,000 Unsecured liabilities without priority, 112,000 How much is the deficiency to unsecured non-priority?

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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