3. A company going through a Chapter 7 bankruptcy has the following account balances: Cash...
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3. A company going through a Chapter 7 bankruptcy has the following account balances: Cash Receivables (35% collectible) Inventory (worth $41,000) Land (worth $130,000) (secures note payable) Buildings (worth $210,000) (secures bonds payable) Salaries payable (7 workers owed equal amounts for last 2 weeks) Accounts payable Note payable (secured by land) Bonds payable (secured by building) Common stock Retained earnings $ 40,000 65,000 94,000 115.000 $240.000 10 000 95.000 115.000 320.000 110,000 (150.000) How much will be paid to each of the following? Salaries payable Accounts payable Note payable Bonds payable
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