Casper Blueprinting, Inc., has filed under Chapter 7 of the Bankruptcy Code. The estimated net realizable value of its assets is as follows:Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,000Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000Inventory and supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Blueprinting equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,000Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000Computer hardware and software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000Deliver vehicle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $241,000Creditors’ claims are summarized as follows:a. Bank loan balance of $82,000 plus accrued interest of $3,000 with a first lien against blueprinting equipment.b. Dealer-financed vehicle loan with an outstanding balance of $18,000, which is secured by the delivery vehicle.c. Accounts payable due vendors in the amount of $21,000 and secured by the inventory and supplies.d. A line of credit balance due of $30,000 secured by the accounts receivable.e. Unpaid payroll and income taxes of $23,000.f. Accounting and legal fees due in the amount of $12,000 in connection with the administration of the bankrupt estate.g. Unpaid wages to employees totaling $4,200 ($700 represents the largest amount due any one employee).h. Loans due shareholders of the corporation totaling $80,000.i. Other unsecured creditors without priority in the amount of $31,000.Prepare a schedule to show the estimated amount to be received by each major category of creditor.
Casper Blueprinting, Inc., has filed under Chapter 7 of the Bankruptcy Code. The estimated net realizable value of its assets is as follows:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,000
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000
Inventory and supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
Blueprinting equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,000
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000
Computer hardware and software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000
Deliver vehicle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $241,000
Creditors’ claims are summarized as follows:
a. Bank loan balance of $82,000 plus accrued interest of $3,000 with a first lien against blueprinting equipment.
b. Dealer-financed vehicle loan with an outstanding balance of $18,000, which is secured by the delivery vehicle.
c. Accounts payable due vendors in the amount of $21,000 and secured by the inventory and supplies.
d. A line of credit balance due of $30,000 secured by the accounts receivable.
e. Unpaid payroll and income taxes of $23,000.
f. Accounting and legal fees due in the amount of $12,000 in connection with the administration of the bankrupt estate.
g. Unpaid wages to employees totaling $4,200 ($700 represents the largest amount due any one employee).
h. Loans due shareholders of the corporation totaling $80,000.
i. Other unsecured creditors without priority in the amount of $31,000.
Prepare a schedule to show the estimated amount to be received by each major category of creditor.
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