A company going through a Chapter 7 bankruptcy has the following account balances:
|
Cash |
$30,000 |
|
Receivables (30% collectible) |
50,000 |
|
Inventory (worth $39,000) |
90,000 |
|
Land (worth $120,000) (secures note payable) |
100,000 |
|
Buildings (worth $180,000) (secures bonds payable) |
200,000 |
|
Salaries payable (7 workers owed equal amounts for last 2 weeks) |
10,000 |
|
Accounts payable |
90,000 |
|
Note payable (secured by land) |
110,000 |
|
Bonds payable (secured by building) |
300,000 |
|
Common stock |
100,000 |
|
Retained earnings |
140,000 |
How much will be paid to each of the following?
Salaries payable
Accounts payable
Note payable
Bonds payable