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How much is the total payment to unsecured creditors

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Reference no: EM133049073

Question - An entity that was to be liquidated had the following information regarding its liabilities:

Income Taxes - $10,000

Notes Payable Secured by Land - 100,000

Accounts Payable - 251,050

Salaries Payable - 12,950

Administrative Expenses for Liquidation - 20,000

The entity had the following assets:

 

Book Value

Fair Value

Current Assets

$100,000

$95,000

Land

50,000

75,000

Building

150,000

200,000

Required -

a. How much is the total net free assets?

b. How much is the total payment to unsecured creditors?

Reference no: EM133049073

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