Reference no: EM132515945
Question - A statement of financial affairs created for an insolvent corporation that is beginning the process of liquidation discloses the following data (assets are shown at net realizable values):
Assets pledged with fully secured creditors $226,000
Fully secured liabilities $163,000
Assets pledged with partially secured creditors $393,000
Partially secured liabilities $516,000
Assets not pledged $313,000
Unsecured liabilities with priority $218,200
Accounts payable (unsecure) $403,000
1. This company owes $16,000 to an unsecured creditor (without priority). How much money can this creditor expect to collect?
2. This company owes $126,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $93,000. How much money can this bank expect to collect?
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