Mandich Co

question 35

Multiple Choice

Mandich Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation: Of the salaries payable, $30,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: John Webb was owed $10,600, Samantha Jones was owed $15,000, Sandra Johnson was owed $11,900, and Dennis Roberts was owed $2,500. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $40,000. On a statement of financial affairs, what amount would have been shown as assets available to pay liabilities with priority and unsecured creditors?

• A) $390,000.
• B) $445,000.
• C) $495,000.
• D) $660,000.
• E) $795,000. Net realizable value of: Cash + A/R + Inventory net of note payable + Land + Building

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Definitions:

Supervisory Control

A level of management that involves overseeing the performance and activities of employees, ensuring that tasks are completed effectively and efficiently.

Plans

Detailed proposals for doing or achieving something, often outlining goals, strategies, and actions.

Goal Alignment

The process of ensuring that everyone's individual objectives contribute effectively towards the overall objectives and success of the organization.

Organization Performance

A measure of how effectively an organization reaches its goals, typically evaluated through financial results, efficiency, and satisfaction levels.