Complete Tables Bottomless Pit Inc. Statement of Affairs 5/1/200X Current Estima
ID: 2567878 • Letter: C
Question
Complete Tables
Bottomless Pit Inc.
Statement of Affairs
5/1/200X
Current
Estimated
Loss or
Carrying
Fair
Amount
(Gain) on
Carrying
Amount
Amounts
Assets
Values
Available
Realization
Amounts
Liabilities and Equity
Unsecured
Assets:
Unsecured with priority:
$5,000
Salaries Payable
$5,000
$80,000
Building
$10,000
Taxes Payable
$10,000
Less Loan Payable
$5,000
Liquidation Costs Payable
$5,000
$20,000
$6,000
Inventories
$2,000
Cash
$66,000
Trade Accounts Receivable
$115,000
Loan Payable
$115,000
$36,000
Equipment
$80,000
Trade Accounts Payable
$80,000
$80,000
Total estimated amount available
50,000
$25,000
Less with priority
Total Liabilities
$215,000
Estimated amount available for
unsecured creditors ($. on the dollar)
?
Equity
($25,000)
$190,000
$215,000
$190,000
Bottomless Pit
Estimated Amounts to be Recovered by Creditors
5/1/200X
Estimated
Class of Creditor
Total Claims
Computation
Recovery
Unsecured with Priority ?
Fully Secured
Unsecured without Priority ?
?
?
?
Bottomless Pit
Actual Amounts Recovered by Creditors
5/31/200X
Estimated
Class of Creditor
Total Claims
Computation
Recovery
Unsecured with Priority
Fully Secured
Unsecured without Priority
?
?
?
?
Bottomless Pit
Statement of Realization and Liquidation
For the Month Ended May 31, 200X
Non Cash
Loan
Salary
Liq Costs
Taxes
Accounts
Cash
Assets
Payable
Payable
Payable
Payable
Payable
Deficit
Book Balances May 1
$2,000
$188,000
$115,000
$5,000
$5,000
$10,000
$80,000
($25,000)
Sold building and paid loan ?
Collected accounts receivable ?
Sold equipment
Paid salaries and taxes
Sold inventory
Paid liquidation costs
Paid settlement to creditors
Book balances May 31
Bottomless Pit Inc.
Statement of Affairs
5/1/200X
Current
Estimated
Loss or
Carrying
Fair
Amount
(Gain) on
Carrying
Amount
Amounts
Assets
Values
Available
Realization
Amounts
Liabilities and Equity
Unsecured
Assets:
Unsecured with priority:
$5,000
Salaries Payable
$5,000
$80,000
Building
130,000 (50,000)$10,000
Taxes Payable
$10,000
Less Loan Payable
(115,000) 15,000$5,000
Liquidation Costs Payable
$5,000
$20,000
$6,000
Inventories
3,000 3,000 3,000$2,000
Cash
2,000 2,000 0$66,000
Trade Accounts Receivable
20,000 20,000 46,000$115,000
Loan Payable
$115,000
$36,000
Equipment
10,000 10,000 26,000$80,000
Trade Accounts Payable
$80,000
$80,000
Total estimated amount available
50,000
$25,000
Less with priority
Total Liabilities
$215,000
Estimated amount available for
unsecured creditors ($. on the dollar)
?
Equity
($25,000)
$190,000
$215,000
$190,000
Explanation / Answer
Bottomless Pit Estimated Amounts to be Recovered by Creditors 5/1/200X Estimated Class of Creditor Total Claims Computation Recovery Unsecured with Priority $20,000 $20,000 Fully Secured $1,15,000 $1,15,000 Unsecured without Priority $80,000 $55,000 Total $2,15,000 $1,90,000 Bottomless Pit Actual Amounts Recovered by Creditors 5/31/200X Estimated Class of Creditor Total Claims Computation Recovery Unsecured with Priority $20,000 $20,000 Fully Secured $1,15,000 $1,15,000 Unsecured without Priority $80,000 $30,000 Total $2,15,000 $1,65,000 Bottomless Pit Statement of Realization and Liquidation For the Month Ended May 31, 200X Non Cash Loan Salary Liq Costs Taxes Accounts Cash Assets Payable Payable Payable Payable Payable Deficit Book Balances May 1 $2,000 $188,000 $115,000 $5,000 $5,000 $10,000 $80,000 ($25,000) Sold building and paid loan $1,30,000 -$1,15,000 Collected accounts receivable $20,000 Sold equipment $10,000 Paid salaries and taxes -$5,000 -$10,000 Sold inventory $3,000 Paid liquidation costs -$5,000 Paid settlement to creditors $2,000 -$55,000 Book balances May 31 $0 $0 $0 $0 $0 $0 $25,000
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