Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Justin Corporation

Financial reporting during bankruptcy

Justin Corporation filed a petition under the bankruptcy act in January 2011. On March 15, 2011, the trustee provided the following information about the corporation’s financial affairs.

 

Book Values

Estimated Realizable Values

Assets

    

Cash

$ 20,000

$ 20,000

Accounts receivable—net

100,000

75,000

Inventories

150,000

70,000

Plant assets—net

250,000

280,000

Total assets

$520,000

  

Liabilities

    

Liability for priority claims

$ 80,000

  

Accounts payable—unsecured

150,000

  

Note payable, secured by accounts

    

receivable

100,000

  

Mortgage payable, secured by all

    

plant assets

220,000

  

Total liabilities

$550,000

  

REQUIRED

1. Determine the amount expected to be available for unsecured claims.

2. Determine the expected recovery per dollar of unsecured claims.

3. Estimate the amount of recovery for each class of creditors.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 7.00

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