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Southwestern Wear Inc. has the following balance sheet:
Current assets
$1,875,000
Accounts payable
$375,000
Fixed assets
1,875,000
Notes payable
750,000
Subordinated debentures
Total debt
Common equity
Total assets
$3,750,000
Total liabilities and equity
The trustee's costs total $210,250, and the firm has no accrued taxes or wages. Southwestern has no unfunded pension liabilities. The debentures are subordinated only to the notes payable. If the firm goes bankrupt and liquidates, how much will each class of investors receive if a total of $3 million is received from sale of the assets?
Distribution of proceeds on liquidation:
1. Proceeds from sale of assets
$ ______
2. First mortgage, paid from sale of assets
3. Fees and expenses of administration of bankruptcy
$ _______
4. Wages due workers earned within 3 months prior to filing of bankruptcy petition
$ ________
5. Taxes
6. Unfunded pension liabilities
7. Available to general creditors
Distribution to general creditors:
Claims of General Creditors
Claim (1)
Application of 100% Distribution (2)
After Subordination Adjustment (3)
Percentage of Original Claims Received (4)
________ %
Total
The remaining $ ________ will go to the common stockholders.
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