Question: Why is my answer not complete? What am I missing? The following balance sheet has been prepared by the accountant for Limestone Company as of


Why is my answer not complete? What am I missing?
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,2020 , the date on which the company is to file a voluntary petition of bankruptcy: Additional Information - If the company is liquidated, administrative expenses are estimated at $28,000. - The accounts payable figure includes $20,000 in wages earned by the company's 12 employees during May. No one earned more than $3,200. - Liabilities do not include taxes of $24,000 owed to the U.S. government. - Company officials estimate that 34 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $90,000. The land and buildings will be sold together for approximately $330,000; the equipment should bring $140,000 at auction. Prepare a statement of financial affairs for Limestone Company as of June 3, 2020. Answer is not complete. LIMESTONE COMPANY Statement of Financial Affairs
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