Question 19 A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable secured by land Accounts Payable Salaries Payable ($12.000 from Employee #1 and $2,000 for Employee #2) Administrative expenses for liquidation The company had the following assets Current Assets Land Building $ 10,000 100,000 50,000 14,000 20,000 Book Value $100,000 50,000 150,000 Total assets, available to pay liabilities with priority and uns O $ 75,000. O $270,000. O $275,000. O $295,000. $370,000. Fair Value 95,000 75,000 200,000 I creditors, are calculated to be what amount?

Question 19 A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable secured by land Accounts Payable Salaries Payable ($12.000 from Employee #1 and $2,000 for Employee #2) Administrative expenses for liquidation The company had the following assets Current Assets Land Building $ 10,000 100,000 50,000 14,000 20,000 Book Value $100,000 50,000 150,000 Total assets, available to pay liabilities with priority and uns O $ 75,000. O $270,000. O $275,000. O $295,000. $370,000. Fair Value 95,000 75,000 200,000 I creditors, are calculated to be what amount?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 56P

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