Firm P liqudated balance sheet below is current
Fixed assets sold = 900,000.00
Current assets " = 700,000.00
Fixed assets pledge collateral all mortage bond
Subordinated deben tures only note payable
Trustee cost = 70,000.00
Sales current asset = 700,000.00
Fixed asset = 900,000.00
Trustee fees = 70,000.00
Before defult takes place
Current asset ,260,000.00
Net fix asset ,200,000.00
Total asset = 2,460,000.00
Balance sheet before defult
Account payable = 300,000.00
Accurued taxes = 40,000.00
Waged = 25,000.00
Note payable = 45,000.00
Total current liabilities = 410,000.00
1st morg bond = 600,000.00
2nd morg bond= 400,000.00
Debenture = 500,000.00
Sub debenture = 300,000.00
Stock common = 200,000.00
Retain earning = 50,000.00
Total claims = 2,460,000.00
- SHs received how much?
- Morg bond holders gets what?
- Priority creditor received how much?
- Identify remaining creditor in general. Received before subordination adj how much?
- Each general creditor gets after subordination adj how much