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The following were taken from the statement of affairs of ABC Corp.: Assets pledged for fully secured creditors (estimated market value P150,000) -  P180,000 Assets pledged for partially secured creditors (estimated market value P104,000) - 148,000 Free assets (estimated market value P80,000) - 140,000 Salaries, Taxes, and Estimated liquidation expenses - 14,000 Partially secured creditors - 120,000 Fully secured creditors - 60,000 Unsecured creditors without priority - 224,000 How much is the estimated cash payment to partially secured creditors? 114,400 108,400 118,400 116,400 How much is the net free asset 186,000 66,000 216,000 156,000

The following were taken from the statement of affairs of ABC Corp.: Assets pledged for fully secured creditors (estimated market value P150,000) -  P180,000 Assets pledged for partially secured creditors (estimated market value P104,000) - 148,000 Free assets (estimated market value P80,000) - 140,000 Salaries, Taxes, and Estimated liquidation expenses - 14,000 Partially secured creditors - 120,000 Fully secured creditors - 60,000 Unsecured creditors without priority - 224,000 How much is the estimated cash payment to partially secured creditors? 114,400 108,400 118,400 116,400 How much is the net free asset 186,000 66,000 216,000 156,000

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 following were taken from the statement of affairs of ABC Corp.:

Assets pledged for fully secured creditors (estimated market value P150,000) -  P180,000

Assets pledged for partially secured creditors (estimated market value P104,000) - 148,000

Free assets (estimated market value P80,000) - 140,000

Salaries, Taxes, and Estimated liquidation expenses - 14,000

Partially secured creditors - 120,000

Fully secured creditors - 60,000

Unsecured creditors without priority - 224,000

How much is the estimated cash payment to partially secured creditors?
114,400
108,400
118,400
116,400

How much is the net free asset
186,000
66,000
216,000
156,000

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