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78. Hampton Company is trying to decide whether to seek liquidation or
reorganization. Hampton has provided the following balance sheet:
Additional information is as follows:
● Accrued expenses include $7,000 of unpaid payroll taxes.
What is the payout percentage to unsecured creditors? (Round the percentage to
a whole number and two decimal places.)
79. Hampton Company is trying to decide whether to seek liquidation or
reorganization. Hampton has provided the following balance sheet:
Additional information is as follows:
● Accrued expenses include $7,000 of unpaid payroll taxes.
How much will be paid to the holder of the note payable secured by the land and
building?
80. Hampton Company is trying to decide whether to seek liquidation or
reorganization. Hampton has provided the following balance sheet:
Additional information is as follows:
● Accrued expenses include $7,000 of unpaid payroll taxes.
How much will Hampton's creditor of an unsecured accounts payable of $4,000
receive?
81. Hampton Company is trying to decide whether to seek liquidation or
reorganization. Hampton has provided the following balance sheet:
82. Berry Company is going through Chapter 11 bankruptcy reorganization.
Prepare the income statement for the calendar year 2011 using the following
information. The effective tax rate is 20%.
83. Candice Company is currently going through bankruptcy reorganization.
The accountant has determined the following balances of the accounts at
December 31, 2011.
Prepare the balance sheet for Candice Company. Retained earnings will need to
be calculated.
