The following balance sheet has been prepared by the accountant for limestone company as of june 3, 2013, the date on which the company is to file a voluntary petition of bankruptcy:
    limestone company
balance sheet
june 3, 2013
assets
cash $ 3,000
accounts receivable (net) 65,000
inventory 88,000
land 100,000
buildings (net) 300,000
equipment (net) 180,000
total assets $ 736,000
liabilities and equities
accounts payable $ 98,000
notes payable—current 250,000
(secured by equipment) notes payable—long term 190,000
(secured by land and
buildings)
common stock 120,000
retained earnings 78,000
total liabilities and 736,000
equities $
additional information
• if the company is liquidated, administrative expenses are estimated at $18,000.
• the accounts payable figure includes $10,000 in wages earned by the company’s 12 employees during may. no one
earned more than $2,200.
• liabilities do not include taxes of $14,000 owed to the u. s. government.
• company officials estimate that 40 percent of the accounts receivable will be collected in a liquidation and that the
inventory disposal will bring $80,000. the land and buildings will be sold together for approximately $310,000; the
equipment should bring $130,000 at auction.
prepare a statement of financial affairs for limestone company as of june 3, 2013.

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