A Company That Was to Be Liquidated Had the Following

question 15

Essay

A company that was to be liquidated had the following liabilities: $\begin{array}{|l|r|r|}\hline\text { Income taxes } & \$ & 10,400 \\\hline \text { Notes payable (secured by land) } & & 156,000 \\\hline \text { Accounts payable } & \$ & 107,900 \\\hline \begin{array}{l}\text { Salaries payable to employees ( } \$ 15,000 \text { for John Jay and } \\\$ 2,800 \text { for Ann Still) }\end{array} && 17,800 \\\hline \text { Bonds payable } &&81,000 \\\hline \text { Administrative expenses for liquidation } &&26,000 \\\hline\end{array}$ The company had the following assets: $$\begin{array} { | l | c | c | c | c | } \hline & & \text { Book } & & \text { Fair } \\\hline & & \text { Value } & & \text { Value } \\\hline \text { Current assets } & \$ & 104,000 & \$ & 42,900 \\\hline \text { Land } & & 130,000 & & 117,000 \\\hline \text { Buildings \& equipment } & & 130,000 & & 143,000 \\\hline\end{array}$$
-Total payment on notes payable is calculated to be what amount? (Round the payout percentage to one decimal place)

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Definitions:

Informal Nature

Refers to an unsanctioned or unofficial manner or condition that is not formally recognized or controlled.

Politics

involves activities associated with governance, decision-making within a group, and the exercise of power and influence.

Non-sanctioned Means

Actions or methods that are not officially approved or recognized, often used to achieve goals when conventional routes are unavailable or ineffective.

Information Power

The influence and potential control over others emanating from the possession, access to, or control over valuable information.