Prepare a statement of financial affairs

Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act.

Its creditors are considering an attempt to force liquidation.

The company currently holds cash of $21,000 and accounts receivable of $40,000.

In addition, the company owns four plots of land.

The first two (labeled A and B) cost $23,000 each.

Plots C and D cost the company $35,000 and $40,000, respectively.

A mortgage lien is attached to each parcel of land as security for four different notes payable of $30,000 each.

Presently, the land can be sold for the following:

Plot A $ 31,000

Plot B $ 26,000

Plot C $ 29,000

Plot D $ 57,000

Another $33,000 note payable is unsecured.

Accounts payable at this time total $62,000. Of this amount, $16,000 is salary owed to the company’s workers. No employee is due more than $4,900.

The company expects to collect $27,000 from the accounts receivable if liquidation becomes necessary.

Administrative expenses required for liquidation are anticipated to be $52,440.

Prepare a statement of financial affairs for Oregon Corporation.

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