Nabila Maharani Santoso
2018104309 / 06PAAK
TUGAS 02 – ADVANCED FINANCIAL ACCOUNTING II
(CORPORATE LIQUIDATION AND REORGANIZATION).
Part 1 : 35%
1) Ending Company is in bankruptcy and is being liquidated under the provisions of Chapter 7 of the
bankruptcy code. The trustee has converted all assets into $80,000 cash (which includes the amounts
shown below for assets sold) and has prepared the following list of approved claims:
Property taxes payable $ 10,000
Accounts payable, unsecured 30,000
Mortgage payable, secured by property that was sold for $50,000 30,000
Note payable to bank, secured by all accounts receivable of which $20,000
was able to be collected and the balance was written off 30,000
Required: How much will the bank receive on the note payable?
