Question - Prepare a statement of affairs assuming that the note payable are secured equipment and that wages are less than $10,000 per employee.
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Book Value
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Estimated Net Realizable Value
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|
Cah
|
2200
|
2200
|
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Accoun receivable- Net
|
15000
|
13500
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Inventories
|
20000
|
22500
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Equipments- Net
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55000
|
28000
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Total Net Assets
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92200
|
66200
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Account Payable
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26400
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Rent Payable
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7600
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Wage Payable
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12000
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Note payable Plus accreued interest
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31000
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Capital Stock
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55000
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Retained Earing(deficit)
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-39800
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Total Liabilities and equity
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92200
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