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The following balance sheet has been produced for Litz Corporati Need more help! The following balance sheet has been produced for Litz Corporation as of August 8, 2013, the date on which the company is to begin selling assets as part of a corporation liquidation: LITZ CORPORATION Balance Sheet 8-Aug-13 Assets Cash …………………….. $16,000 Accounts Receivable (net) ……………. $82,000 Investments ………………….. $32,000 Inventory (net realizable value is expected to approximate cost) . $69,000 Land ……………………. $30,000 Buildings (net) ………………… $340,000 Equipment (net) ………………… $210,000 Total assets …………………. $779,000 Liabilities and Equities Accounts Payable ………………. $150,000 Notes payable-current (secured by inventory) …….. $132,000 Notes payable-long term (secured by land) and buildings [valued at $300,000]) …………. $259,000 Common stock ……………….. $135,000 Retained earnings ………………. $103,000 Total liabilities and equities …………… $779,000 The following events occur during the liquidation process: The investments are sold for $39,000. The inventory is sold at auction for $48,000. The money derived from the inventory is applied against the current notes payable. Administrative expenses of $15,000 are incurred in connection with the liquidation. The land and buildings are sold for $315,000. The long-term notes payable are paid. The accountant determines that $34,000 of the accounts payable are liabilities with priority. The company’s equipment is sold for $84,000. Accounts receivable of $34,000 is collected. The remainder of the receivables is considered uncollectable. The administrative expenses are paid. A) Prepare a statement of realization and liquidation for the period just described. B) What percentage of their claims should the unsecured creditors receive? Students also viewed these Organizational Behavior questions The following balance sheet has been produced for Litz Corporation as of The following balance sheet has been produced for Litz Corporation as of August 8, 2011, the date…… … $84,000.¢ Accounts receivable of $34,000 are collected. 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