Bankrupt Corporation Statement of Affairs February 4, 2015 BV 200,000 160,000
190,500 160,000 158,000
62,000 80,000 10,000 63,500
1,084,000
Assets Pledged with Fully Secured Creditors: Land Building Total Mortgage Payable with Interest Pledged with Partially Secured Creditors: Investment in Stock (75%) Inventory Machinery & Equipment Total Free Assets: Cash Accounts Receivable Supplies Investment in Stock (25%) Total Free Assets Liabilities with Priority Net Free Assets Estimated Deficiency to Unsecured Creditors Total Free Assets
ERV/FMV 250,000 80,000 330,000 260,000 202,500 130,000 120,000 452,500 62,000 76,000 8,000 67,500
Free Assets
BV 40,000 18,000
70,000 250,000 10,000
244,000 6,000
280,000 213,500 283,500 58,000 225,500 140,000 365,500
288,000 (52,000) 1,084,000
Liabilities Liabilities with Priority Salaries Payable Taxes Payable Total Fully Secured Creditors: Mortgage Payable Interest on Mortgage Payable Total Partially Secured Creditors: Notes Payable Interest Payable Total Investment in Stock Bank Loan Inventory and Mach. & Equipment Unsecured Creditors: Accounts Payable Shareholders Equity: Estate Deficit Total Estimated Final Dividend Rate or Estimated Recovery Rate
Secured Amount
mated Recovery Rate
Unsecured Amounts
40,000 18,000 58,000 250,000 10,000 260,000 244,000 6,000 250,000 202,500 280,000 250,000
47,500 30,000 288,000 365,500 61.70%
Bankrupt Corporation Fritz Martin - Trustee Statement of Estate Deficit For the Six-Month Ending July 31, 2015
Estate Deficit, beginning Gain on Sale of Investment Loss on Collection of Accts. Rec. Loss on Sale of Merchandise Administrative Expenses Estate Deficit, End
(52,000) 6,000 (5,000) (25,000) (15,000)
(39,000) (91,000)
Bankrupt Corporation Fritz Martin - Trustee Statement of Realization and Liquidation For the Six-Month Ending July 31, 2015 Assets To be Realized @ Book Value Accounts Receivable Merchandise Inventory Supplies Investment in Common Stock Land Building Machinery & Equipment
80,000 160,000 10,000 254,000 200,000 160,000 158,000
1,022,000
Acquired @ Book Value
Total Assets Accountability
1,022,000 Liabilities
Liquidated: Bank Loan Notes Payable Interest Payable Salaries & Wages Taxes Payable
135,000 189,000 6,000 40,000 18,000
388,000 Not Liquidated: Notes Payable Accounts Payable Mortgage Payable Interest on Mortgage Payable Bank Loan Total Liabilities (Accountability)
Administrative Expenses Total
55,000 288,000 250,000 10,000 145,000
748,000 1,136,000 Supplementary Items 15,000 2,173,000
Assets Realized @ Realized Value Investment in Common Stock Accounts Receivable Merchandise Inventory
260,000 75,000 135,000
470,000 Not Realized @ Book Value Supplies Land Building Machinery & Equipment Total Assets Accounted For Liabilities To be Liquidated: Notes Payable Interest Payable Accounts Payable Mortgage Payable Interest on Mortgage Payable Salaries & Wages Taxes Payable Bank Loan
10,000 200,000 160,000 158,000
244,000 6,000 288,000 250,000 10,000 40,000 18,000 280,000
528,000 998,000
1,136,000
Liabilities Assumed/Incurred:
Total Liabilities Accounted For
lementary Items Net Effect to Estate Deficit Total
1,136,000
39,000 2,173,000
Bankrupt Corporation Fritz Martin - Trustee Statement of Financial Position As of July 31, 2015
Assets: Cash Supplies Land Building Machinery & Equipment Total Assets
129,000 10,000 200,000 160,000 158,000 657,000
Liabilities & Estate Deficit: Notes Payable Accounts Payable Mortgage Payable Interest on MP Bank Loan Estate Deficit Total Liabilities & Estate Deficit:
55,000 288,000 250,000 10,000 145,000 (91,000) 657,000
Fully Pledged Assets: Cash Accounts Receivable Merchandise Inventory Supplies Investment in Stock Land Building Machinery & Equipment Total Liabilities Notes Payable Interest Payable - NP Accounts Payable Mortgage Payable Interest Payable - MP Salaries Payable Taxes Payable Bank Loan Total
Partially Pledged
130,000 202,500 250,000 10,000 120,000 452,500
260,000 Fully Secured
Partially Secured 196,500 6,000 250,000 10,000
260,000
1 In the Statement of Affairs, how much is the Net Free Assets Total Free Assets Less: Liabilities with Priority Net Free Assets 2 How much is the Estimated Deficiency to Unsecured Creditors? Net Free Assets Less: Liabilities without Priority Estimated Deficiency 3 Total amount of unsecured creditor is: Liabilities without Priority
250,000 452,500
283,500 (58,000) 225,500
225,500 (365,500) (140,000)
365,500
4 Estimated Final Dividend Rate or Estimated Recovery Rate
5 In the Statement of liquidation and realization, how much is the proceeds from sale of assets duri the six month period? Cash Proceeds: Sold Investment in stocks
260,000
Collections from Accounts Receivable Sold Merchandise Total Cash Proceeds/Assets Realized 6 Total payment of liabilities in the six-month period is: Bank Loan Interest Payable - NP 6,000 Notes Payable 189,000 Liabilities with Priority Total paid liabilities/ Liquidated
75,000 135,000 470,000
135,000 195,000 58,000 388,000
7 Total loss on realization is: Asset Accounted for Asset Accountability Loss
998,000 1,022,000 (24,000)
Liabilities accounted for Liabilities accoutability Loss/Gain
1,136,000 1,136,000 -
Supplementary credit Supplementary debit Gain Total loss on realization
39,000 15,000 24,000 -
8 Net decrease in estate deficit as of July 31, 2015
(39,000)
9 Total assets as of July 31, 2015
657,000
10 Balance of the estate deficit as of July 31, 2015
(91,000)
Free Assets 62,000 76,000 8,000 67,500 70,000 283,500 Liabilities with Priority
eeds from sale of assets during
Liabilities without Priority 47,500 288,000
40,000 18,000 58,000
61.70%
30,000 365,500
