A company going through a Chapter 7 bankruptcy has the following account balances:

Cash	$	45,000
Receivables (20% collectible)		65,000
Inventory (worth $39,500)		105,000
Land (worth $225,000) (secures note payable)		175,000
Buildings (worth $255,000) (secures bonds payable)		350,000
Salaries payable (4 workers owed equal amounts for last 2 weeks)		17,500
Accounts payable		105,000
Note payable (secured by land)		185,000
Bonds payable (secured by building)		450,000
Common stock		250,000
Retained earnings		(215,000)

How much will be paid to each of the following?

Salaries Payable

Accounts Payable

Note Payable

Bond Payable

Answer rating: 100% (QA)

Particulars Amount Salaries Payable 1500000 Accounts Payable 4200000 Note Payable 18500000 ... View the full answer