Telstar Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities. Assets (pledged against debts of $91,000) 150,800 Assets (pledged against debts of $169,000) 65,000 Other assets 104,000 Liabilities with priority 54,600 Unsecured creditors 60,000 A. Prepare a schedule to show the amount of total assets available to pay liabilities with priority and unsecured creditors B. Prepare a schedule to show the amount of assets that are available for unsecured creditors after payment of liabilities with priority C. Prepare a schedule to show the amount of total unsecured liabilities
Telstar Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities.
Assets (pledged against debts of $91,000) 150,800
Assets (pledged against debts of $169,000) 65,000
Other assets 104,000
Liabilities with priority 54,600
Unsecured creditors 60,000
A. Prepare a schedule to show the amount of total assets available to pay liabilities with priority and unsecured creditors
B. Prepare a schedule to show the amount of assets that are available for unsecured creditors after payment of liabilities with priority
C. Prepare a schedule to show the amount of total unsecured liabilities
D. Prepare a schedule to show the amount of total payment on partially secured debt
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