Reference no: EM133135672
Question - GAMBINO CORPORATION had filed a petition for voluntary bankruptcy and had the following accounts:
Bonds Payable, secured by land P25,000,000
Notes Payable, secured by Building 12,500,000
Notes Payable to suppliers 14,700,000
Property Taxes Payable 1,500,000
Salaries Payable 750,000
Administrative Expenses incurred during liquidation 550,000
Current Assets, net realizable value- P5,620,000 8,500,000
Land, realizable value- P27,500,000 20,000,000
Building and Building Improvements, disposal value- P12,000,000 20,000,000
Required -
1. What is the dividend rate to general unsecured creditors?
2. What amount would be paid to the creditors of Notes Payable?
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