Miner Company Statement of Affairs May 31, 2015

Book Value Assets

Assets Pledged with Fully Secured Creditor
$ 50,000.00 Notes Receivable $ 39,800.00
$ 1,200.00 Accrued Interest Receivable $ 1,000.00
Notes Payable $ (40,000.00)
Accrued Interest Payable $ (800.00)

$ 119,000.00 Building $ 75,000.00

Notes Payable $ (20,000.00)
Accrued Interest Payable $ (800.00)

Assets Pledged with Partially Secured Creditor

$ 13,200.00 Equipment $ 4,200.00
Notes Payable $ 10,000.00
$ (5,800.00)
Free Assets
$ 6,000.00 Cash
$ 61,000.00 Accounts Receivable
$ 60,000.00 Inventory
$ 1,100.00 Prepaid Insurance
$ 8,500.00 Goodwill
Total Net Realizable Value
Liabilities Having Priority
Accrued Wages
Taxes Payable
Net Free Assets
Estimated Deficiency to Unsecured Creditors (balancing ammount)
$ 320,000.00

Book Value Equities

Liabilities Having Priority
$ 6,000.00 Accrued Wages $ 6,000.00
$ 2,400.00 Taxes Payable $ 2,400.00
$ 8,400.00
Fully Secured Creditors
$ 60,000.00 Notes Payable $ 60,000.00
$ 1,600.00 Accrued Interest Payable $ 1,600.00
Notes Receivable $ (39,800.00)
Accrued Interest Receivable $ (1,000.00)
Building $ (75,000.00)
$ (54,200.00)
Partially Secured Creditors
$ 10,000.00 Notes Payable $ 10,000.00
Equipment $ (4,200.00)
 Unsecured Creditors
$ 170,000.00 Accounts Payable
$ 10,000.00 Notes Payable

Stockholder's Equity
$ 110,000.00 Common Stock
$ (50,000.00) Retained Earnings (deficit)
$ 320,000.00
Estimated Deficiency
31, 2015

Realizable Value Deficiency Account

$ (10,200.00)
$ (200.00)

$ -
$ (44,000.00)

$ 54,200.00

$ (9,000.00)

$ 6,000.00
$ 50,000.00 $ (11,000.00)
$ 30,000.00 $ (30,000.00)
$ 400.00 $ (700.00)
$ - $ (8,500.00)
$ 140,600.00

$ (6,000.00)
$ (2,400.00)
$ 132,200.00
$ 53,600.00
$ 185,800.00 $ (113,600.00)

Unsecured Liabilities Deficiency Accounts

$ 5,800.00
$ 170,000.00
$ 10,000.00

$ 110,000.00
$ (50,000.00)
$ 185,800.00 $ 60,000.00
$ (53,600.00)