P18-5

1 Dawn Corporation
Statement of Affairs at July 10, 2011

Assets

Realizable Value Realizable Value Available

Book Value Liability Offsets For Unsecured

Fully Secured
210,000 Accounts Receivable-net 160,000
Less: Notes payable 100,000 60,000
Partially Secured
Partially Secured
250,000 Land and buildings- net 140,000
Less: Mortgage and interest payable 205,000 0
Unsecured
80,000 Cash 80,000
200,000 Inventories 210,000
150,000 Equipment- net 60,000
10,000 Intangible assets 0
Available for priority and unsecured 410,000
Priority liabilities 150,000
Available for nonpriority and unsecured 260,000
Estimated deficiency 155,000
$ 900,000 $ 415,000

Equities

Book Value
Secyred Priority Claims Unsecured- nonpriority
claims

Priority Liabilities 50,000

50,000 Accounts Payable 24,000
24,000 Wages Payable 76,000
76,000 Taxes Payable 150,000

Fully Secured
100,000 Note Payable 100,000
Less: Land and buildings- net 160,000
(60,000)

Partially Secured
205,000 Mortage and interest payable 205,000
Less: Land and buildings- net 140,000
65,000 65,000
Unsecured
350,000 Account payable 350,000
300,000 capital stock
 (205,000) Retained earnings deficit
900,000 415,000

2
Claims by Priority Ranks Amount to be Paid Amounts to Be Written off

Priority Claims
Administrative expenses 11,000 11,000
Accounts payable 50,000 50,000
Wages payable 24,000 24,000
Taxes payable 76,000 76,000
Fully secured claims
Note Payable 100,000 100,000
Partially secured claims
Mortgage and interest payable 205,000 140,000 26,000
39,000
Unsecured
Accounts Payable 350,000 210,000 140,000
$ 816,000 $ 650,000 $ 166,000

Perhitungan pemulihan untuk klaim non-prioritas tanpa jaminan

Cash Available 650,000

Less: Paid to priority claims (161,000)
Less: Paid to fully secured claims (100,000)
Less: Paid to partially secured creditors- secured portion (140,000)

A. Cash available for unsecured $ 249,000

Unsecured claims:
Partially secured (205,000 - 140,000 secured) 65,000
Accounts payable- nonpriority 350,000

B. Total Unsecured Claims $ 415,000

A/B = $249,000/ $415,000 = $60 recovery on the dollar

P18-6
Everlast window corporation
1 Statement of Affairs on June 30, 2011

Assets

Realizable values-
Book Value Realizable Value Available
liability offsets for
for Unsecured Creditors
secured creditors
Pledged for fully secured creditors
230,000 Land and building 170,000
Less: Mortgage payable and accrued interest
(165,000) 5,000
Available for Priority
and unsecured creditors
40,000 Cash 40,000
70,000 Accounts receivable- net 63,000
50,000 Inventories 42,000
60,000 Machinery- net 20,000
50,000 Goodwill 0
Total available for priority and unsecured
Creditors 170,000
Less: Priority liabilities 70,000
Total available for unsecured creditors 100,000
Estimated deficiency 65,000
500,000 165,000

Liabilities and Stockholders equity

Secured and Priority Unsecured Non- Priority

Book Value Claims Claims

Priority Liabilities
$ 60,000 Wages Payable $ 60,000
10,000 Property taxes payable 10,000
70,000
Fully Secured Creditors
150,000 Mortgage payable 150,000
15,000 Interest on mortgage payable 15,000
165,000
Unsecured Creditors
110,000 Accounts payable $ 110,000
50,000 Note payable- Unsecured 50,000
5,000 Interest payable- Unsecured 5,000
Stockholders Equity
200,000 Capital Stock
(100,000) Retained Earnings (deficit)
$ 500,000 165,000

2 Penyelesaian per dolar dari kreditor peringkat 1 tanpa jaminan adalah $, 6250 ($ 100.000
tersedia untuk akun tanpa jaminan / $ 160.000 dan wesel bayar). Tidak ada pembayaran
dibuat untuk klaim bunga tanpa jaminan $ 5.000.