ball company is facing bankruptcy proceedings a balance sheet dated june 30 2012 and other information are presented below/

/in /by

Ball Company Balance Sheet
June 30, 2012
Cash……………. $ 20,400
Accounts Receivable (net)…… 170,000
Inventory………… 180,000
Property and Equipment (net) ……430,000
Total Assets………… $800,400
Accounts Payable……… $350,000
Accrued Wages……… 120,000
Notes Payable………… 200,000
Common Stock……….. 400,000
Retained Earnings (deficit)……. (269,600)
Total Equities……….. $800,400
Estimated realizable values of the company’s assets are:
Accounts Receivable…….. $ 95,000
Inventory………… 110,000
Property and Equipment…… 320,000
Accounts receivable and inventory are each pledged as security on individual notes payable in the amount of $100,000 each.