Tsup-Tsup Corporation filed a bankruptcy petition on January 2009. On March 1, 2009, the trustee provided the following information about the corporation’s financial affairs: Assets Book value Realizable Value Cash P40,000 P40,000 Accounts receivable-net 200,000 150,000 Inventories 300,000 140,000 Plant assets-net 500,000 560,000 Total Assets P1,040,000 Liabilities Liabilities for priority claims P160,000 Accounts payable-unsecured 300,000 Notes payable, secured by Accounts receivable 200,000 Mortgage payable, secured by all Plant assets 440,000 Total Liabilities P1,100,000 The amount expected to be available for unsecured claims without priority
11
Tsup-Tsup Corporation filed a bankruptcy petition on January 2009. On March 1, 2009, the trustee provided the following information about the corporation’s financial affairs:
Assets Book value Realizable Value
Cash P40,000 P40,000
Inventories 300,000 140,000
Plant assets-net 500,000 560,000
Total Assets P1,040,000
Liabilities
Liabilities for priority claims P160,000
Accounts payable-unsecured 300,000
Notes payable, secured by
Accounts receivable 200,000
Mortgage payable, secured by all
Plant assets 440,000
Total Liabilities P1,100,000
The amount expected to be available for unsecured claims without priority
Step by step
Solved in 2 steps with 2 images
