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The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (Secured by equipment) Notes payable-long term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 11.08 84.00 126, eee 119.000 319.ece 218,eee $ 877,eee $136.ece 288.00 209. eee 139.ee 105. eee $ 877,600 Additional Information If the company is liquidated, administrative expenses are estimated at $37.000. The accounts payable figure Includes $29.000 In wages earned by the company's 12 employees during May. No one earned more than $4,100 Liabilities do not include taxes of $33,000 owed to the U.S. government. Company officials estimate that 36 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $99,000. The land and buildings will be sold together for approximately $348,000, the equipment should bring $149.000 at auction. Prepare a statement of financial affairs for Limestone Company as of June 3, 2017 LIMESTONE COMPANY statement of Finang Air June 3, 2017 Pledged with Fly Secured Creditors with one and unsecured croctor Available for unsecured creditors Estimated dancy Label and Stockholders' Equity Labtes with Priority FunSecured Creditors Party Secured U urd Cadors Stockholders' equity

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