Reference no: EM133005802
Question - XYZ Co. liquidates its corporate affairs. All non-cash assets have been converted to cash of 3,060,000. The following claims are approved by the trustee:
Accounts payable - 765,000
Trustee's fees and other costs of liquidation - 408,000
Mortgage payable (secured by property which realized 2,040,000) - 1,530,000
Note payable (secured by accounts receivables of which 765,000 are collected and 255,000 were written off) - 1,020,000
Prepaid revenue (25,500 each from two customers who ordered products not yet delivered) - 51,000
Property taxes payable - 102,000
Prepaid revenues are considered as unsecured liabilities WITH priority. Cash received from realization of properties and receivables are included in the 3,060,000 available cash. How much of the Accounts Payable and Notes payable (aggregated) will not be paid due to cash deficiency?
a. 1,007,862
b. 777,138
c. 816,000
d. 969,000
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