Statement of financial affairs for oregon corporation

Assignment Help Accounting Basics

Reference no: EM131209947

Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $13,000 and accounts receivable of $32,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $15,000 each. Plots C and D cost the company $27,000 and $32,000, respectively. A mortgage lien is attached to each parcel of land as security for four different notes payable of $22,000 each. Presently, the land can be sold for the following:

Plot A	$23,000
Plot B	$18,000
Plot C	$21,000
Plot D	$41,000

Another $29,000 note payable is unsecured. Accounts payable at this time total $46,000. Of this amount, $14,000 is salary owed to the company's workers. No employee is due more than $4,100.

The company expects to collect $19,000 from the accounts receivable if liquidation becomes necessary. Administrative expenses required for liquidation are anticipated to be $34,040.

(A) Prepare a statement of financial affairs for Oregon Corporation.

(B) If the company is liquidated, how much cash would be paid on the note payable secured by plot B?

(D) If the company is liquidated and plot D is sold for $ 44,300, how much would be paid on the note payable secured by plot B?

Reference no: EM131209947

Questions Cloud

Prepare a autobiography of benjamin franklin : Prepare a Autobiography of Benjamin Franklin. The paper must be at least 1400 words and contain at least 3 but no more than 5 quotations. Please include your Works Cited page at the end of your paper.

Show required hardware connections : Assume that each display unit has a BCD-to-7-segment decoder associated with it, as shown in Figure P10.1. Assume also that a 100-MHz clock is used. Show the required hardware connections and write a suitable program.

Develop information gathering and communication strategies : ACCM 4200 - Financial Accounting and Reporting - You are a graduate accountant working for Piper, Pepper and Associates a public accounting firm situated at 59889, George Street, Unley, SA 5061.

Create a scenario where a disabled employee has requested : Create a scenario where a disabled employee has requested an accommodation that is reasonable; conversely, create a scenario where a disabled employee has requested an accommodation that is not reasonable. Defend your decision in each case. Your p..

Statement of financial affairs for oregon corporation : Prepare a statement of financial affairs for Oregon Corporation. If the company is liquidated, how much cash would be paid on the note payable secured by plot B

What happen to discount factor for mortgages : Discuss what would happen to the discount factor for mortgages under the following circumstances. - A recession is expected in the near future.- The Fed has taken action to raise interest rates.

How is the religion responding to challenges in modern world : How is this religion responding to challenges in the modern world? What has changed about the roles of women in the religion over time?

Discount factor applied to value mortgages : Technological advances have reduced the servicing costs on loans. -What would happen to the discount factor applied to value mortgages and mortgage backed securities and why?

Provide a list of three best practices to follow : Determine two ways to apply what you learned in this course in your current or a future position. Create a list of three best practices to follow that would improve the quality of life in developing countries.

User Account

All Pages