Give answer within 30 min.... I will give you up vote immediately..... it's very urgent A company that was to be liquidated hadthe following liabilities:Income Taxes$15,000Notes Payable secured by land120,000Accounts Payable48,000Salaries Payable ($18,000 for Employee #1 and23,000$5,000 for Employee #2)Administrative expenses for liquidation25,000The company had the following assets:Book Value Fair ValueCurrent Assets$ 130,000$115,000Land60,000100,000Building175,000220,000Assets available for unsecured creditors after payments of liabilities with priority are calculated to bewhat amount?O $229,000.$204,000.$276,350.$208,350.

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Description: Give answer within 30 min.... I will give you up vote immediately..... it's very urgent A company that was to be liquidated hadthe following liabilities:Income Taxes$15,000Notes Payable secured by land120,000Accounts Payable48,000Salaries Payable ($1

Liquidation is the process of selling all the assets of the business at their fair value and using…

Answered: Assets available for unsecured…

Business

Accounting

Assets available for unsecured creditors after payments of liabilities with priority are calculated to be what amount?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company that was to be liquidated hadthe following liabilities: Income Taxes $ 15,000 Notes Payable secured by land 120,000 Accounts Payable 48,000 Salaries Payable ($18,000 for Employee #1 and$5,000 for Employee #2) 23,000 Administrative expenses for liquidation 25,000 The company had the following assets: Book Value Fair Value Current Assets $ 130,000 $115,000 Land 60,000 100,000 Building 175,000 220,000 Total liabilities with priority are calculated to be what amount?
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