Question: Ram holds a $200,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of

Ram holds a $200,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of non-secured claims is 35¢ on the dollar. Inventory items with an estimated recoverable value of $50,000 secure Pat’s note payable to Ram.
REQUIRED
Determine Ram’s expected recovery on the note.

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Note receivable from Pat 200000 Amount secured by inventory items at ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

55-B-A-L-R (19).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Explain the differences between Chapter 7 bankruptcy and Chapter 11 bankruptcy.

Thomas A. Carella filed for Chapter 7 bankruptcy. At the time, HSBC Bank USA held the sum of $16,540.94 on deposit in a joint bank account in the names of Carella and his father, Thomas J. Carella....

When the Richmonds filed for Chapter 7 liquidation under the Bankruptcy Code, their unsecured debts totaled a little more than $19,000. All but $225 of the unsecured debts was owed on credit cards....

Ram holds a $400,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of nonsecured claims is 45 on the dollar. Inventory items...

Ram holds a $400,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy the expected recovery of nonsecured claims is 45 on the dollar. Inventory items with an...

Below is the assignment, attached in the excel file is actually all the answers, I need these transferred into my own excel file, answering all the questions below. Integrated mini-case: ?Working...

MH0007 0 0 7 7645065 Ca s ey B u rt Fra nk T. R o tha e rm e l Bank of America (in 2010) and the New Financial Landscape Stephanie Milner spent the fall and winter of 2008-2009 like many Americans,...

Please read the attachment chapters and answer the following questions with at least 50 words. Depreciation discussion What are the various methods of determining depreciation and amortization...

Resources: Financial Accounting: Tools for Business Decision Making Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing...

I'm willing to take this before the 19th of may. PROFESSIONAL ISSUES When a company looks too good to be true, it usually is. ; i - I The Rise and Fall of Enron BY C. WILLIAM THOMAS f you''re like...

A study was conducted to test the effectiveness of a juggling class. Before the class started, six subjects juggled as many balls as they could at once. After the class, the same six subjects jug...

Course Code BMGT380 Course Name: Business Ethics Assessment: Assignment 2 (Case Study) Submission Deadline: 5/3/2020 Instructions: Read the case study below, then answer the questions that follow At...

What framework for analyzing technological choice was discussed in the text?

The following scenario is based on an actual attack deconstructed at a seminar. The names and locations have been removed to preserve the privacy of the organization in question. Background:...

Describe the main elements of the simple majority/first past the post and proportional representation election systems.

Let E and H be two vectors assumed to have continuous partial derivatives (of second order at least) with respect to position and time. Suppose further that E and H satisfy the equations 1 JE VxH= ...

Assume you are a global manager responsible for an international subsidiary that has employees from many parts of the worldChina. India, Morocco, Brazil, and Spain. How will you go about learning how...

Discuss the transition from analysis to design and how to develop?

(a) You learned in Sec. 19.7 that carbonyl-addition reactions can occur under basic conditions. The hydrolysis of methyl benzoate is also promoted by OH. Write a mechanism for the hydrolysis of...

Sir Corporation is a 90 percent-owned subsidiary of Pit Corporation, acquired several years ago at book value equal to fair value. For 2011 and 2012, Pit and Sir report the following: 2011 2012 Pit's...

Sal is a 90 percent-owned subsidiary of Pig Corporation, acquired at book value several years ago. Comparative separate-company income statements for the affiliates for 2011 are as follows: On...

A summary of the separate income of Pod Corporation and the net income of its 75 percent-owned subsidiary, Sev Corporation, for 2011 is as follows: Pod Sev Sales...

1. The necessary adjustment to the sales amount shown on the income statement to arrive at cash collections from customers is: a subtract the change in accounts receivable b add all the change in...

Rouen Industries had the following operating results for 2015: sales = $28,000; cost of goods sold = $19,660; depreciation expense = $5,180; interest expense = $2,490; dividends paid = $1,350. At the...

Question # 1 What is the primary goal when finding suitable websites for advertising? Revisit Choose the best option To increase website traffic To identify websites that ahign with your To reduce...