25 May Question 96. LD Inc. declared bankruptcy through a Chapter 7 filing. Consider the following data in millions of dollars and determine the funds available for secured creditors.
Question
96. LD Inc. declared bankruptcy through a Chapter 7 filing. Consider the following data in millions of dollars and determine the funds available for secured creditors.
· Proceeds from the liquidation of assets = $395
· First mortgage = $100
· Administration expenses associated with the bankruptcy = $2
· Notes payable to the banks = $205
· Subordinated debentures = $350
· Taxes due to federal, state and other governmental agencies = $12
· Wages due employees (1000 employees) = $3
A. $379
B. $378
C. $278
D. $279
97. LD Inc. declared bankruptcy through a Chapter 7 filing. Consider the following data in millions of dollars and determine the funds available for secured creditors.
· Proceeds from the liquidation of assets = $395
· First mortgage = $102
· Administration expenses associated with the bankruptcy = $5
· Notes payable to the banks = $205
· Subordinated debentures = $350
· Taxes due to federal, state and other governmental agencies = $17
· Wages due employees (2000 employees) = $6
A. $265
B. $367
C. $267
D. $369
98. LD Inc. declared bankruptcy through a Chapter 7 filing. Consider the following data in millions of dollars and determine the funds available for secured creditors.
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