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A statement of financial affairs created for an insolvent corporation that is beginning the process of liquidation discloses the following data. The assets are shown at net realizable values.
Assets pledged with fully secured creditors $242,000Fully secured liabilities 171,000Assets pledged with partially secured creditors 401,000Partially secured liabilities 532,000Assets not pledged 321,000Unsecured liabilities with priority 202,300Accounts payable (unsecured) 411,000
Problem 1: The company owes $24,000 on an account payable to an unsecured creditor (without priority). How much money can this creditor expect to collect?
Problem 2: The company owes $142,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $101,000. How much money can the bank expect to collect?
Financial Statement Analysis and Preparation
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