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Prepare a statement of financial affairs for Limestone Company as of June 3, 2020. The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,2020, the date on which the company is to file a voluntary petition of bankruptcy LIMESTONE COMPANY Balance Sheet Juse 3, 2020 Cash Accounts recetvable (net) Inventory Land Bailding (net) Equipment (set) Totalassets Accounts payable Notes payable-carrent (secured by equipinent) Notes payable-long-tern (secured by lasd and baildings) Common stock Retalaed earningr Total liboilities and equities Bablihties and Equities Additional Information - If the company is liquidoted, administrotive expenses are estimated at $25,000. - The accounts payable figure includes $17,000 in wages earned by the comparry's 12 employees during May No one earned more than $2.900 - Liabilities do not include taxes of $21,000 owed to the U.S government. - Company officials estimate that 34 percent of the accounts recervable will be collected in a liquidotion and that the inventory disposal will bring $87.000. The land and buldings will be sold together for approximately $324,000, the equipment should bring $137,000 at ouction. Prepare a statement of financial affairs for Limestone Company as of June 3,2020. LIMESTONE COMPANY Prepare a statement of financial affairs for Limestone Company as of June 3, 2020. The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,2020, the date on which the company is to file a voluntary petition of bankruptcy LIMESTONE COMPANY Balance Sheet Juse 3, 2020 Cash Accounts recetvable (net) Inventory Land Bailding (net) Equipment (set) Totalassets Accounts payable Notes payable-carrent (secured by equipinent) Notes payable-long-tern (secured by lasd and baildings) Common stock Retalaed earningr Total liboilities and equities Bablihties and Equities Additional Information - If the company is liquidoted, administrotive expenses are estimated at $25,000. - The accounts payable figure includes $17,000 in wages earned by the comparry's 12 employees during May No one earned more than $2.900 - Liabilities do not include taxes of $21,000 owed to the U.S government. - Company officials estimate that 34 percent of the accounts recervable will be collected in a liquidotion and that the inventory disposal will bring $87.000. The land and buldings will be sold together for approximately $324,000, the equipment should bring $137,000 at ouction. Prepare a statement of financial affairs for Limestone Company as of June 3,2020. LIMESTONE COMPANY

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