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Kaylis [27]
3 years ago
11

1. A statement of affairs shows $50,000 of assets pledged to fully secured creditors, $100,000 of assets pledged to partially se

cured creditors, $85,000 of assets not held as security for any liabilities, liabilities of $40,000 to fully secured creditors, $125,000 to partially secured creditors, $20,000 to unsecured creditors with priority, and $120,000 to other unsecured creditors. Total unsecured liabilities, are reported on the statement of affairs in the amount of: A. $140,000. B. $165,000. C. $145,000. D. $120,000.
Business
1 answer:
Misha Larkins [42]3 years ago
6 0

Answer:

B. $165,000

This amount is made up of as follows:

Partially unsecured Liability = $25,000 ($125,000 - 100,000)

plus Unsecured with priority = $20,000

plus Totally Unsecured  = $120,000

Total = $165,000

Explanation:

a) The fully secured liability of $40,000 had secured assets worth $50,000, giving excess assets of $10,000.

b) The partially secured liability of $125,000 could only be secured with assets worth $100,000, leaving the balance of $25,000 as unsecured.

c) The Unsecured with priority equals $20,000

d) The completely unsecured without priority equals $120,000.

When (b) to (d) are summed, the total is $165,000.

e) The unsecured liabilities with priority will be paid before other all unsecured liabilities.  That is the only advantage they enjoy.  But, they can  only be settled after all reorganization expenses had been settled.

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The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Account Title Cash Account
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The preparation of the classified balance sheet is presented below:

<u>Valley Pump Corporation</u>

<u>Balance sheet</u>

<u>December 31, 2018</u>

Assets

Current assets

Cash                                    $30,000              

Marketable securities           $27,000

Account receivable             $61,000

Inventory                               $91,000

Prepaid expense                   $37,000

Investments

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Land                               $25,000   $52,000

Property, plant & equipment

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Buildings                    $325,000

Equipment                  $85,000

Less:

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Net property, plant & equipment     $380,000

Intangibles

Copyright                                          $17,000

Total assets                                      $695,000

Liabilities & shareholder equity

Current liabilities

Account payable                        $70,000

Interest payable                          $15,000

Unearned revenue                     $25,000

Note payable                              $110,000

Current maturities                      $55,000

Total current liabilities                $275,000

Long term liabilities

Note payable                               $110,000

Shareholder equity

Common stock           $250,000

Retained earnings      $60,000

Total shareholder equity               $310,000

Total liabilities & shareholder equity $695,000

Working notes

Accumulated depreciation = building + equipment

= $105,000 + $60,000

= $695,000

The note payable is

= $55,000 × 2

= $110,000

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