Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs.The carrying values and estimated fair values of the assets of Wright Company are as follows:
Debts of Wright are as follows:

-Based on the preceding information,what is the total amount of unsecured claims?

Question

Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs.The carrying values and estimated fair values of the assets of Wright Company are as follows:
  Debts of Wright are as follows:
 
-Based on the preceding information,what is the total amount of unsecured claims?

Quizplus · Accepted Answer

To calculate the total amount of unsecured claims, we need to subtract the total value of secured claims from the total amount of debts. 
Total debts = $230,000 ($80,000 + $50,000 + $100,000) 
Total value of secured claims = $155,000 ($80,000 + $75,000) 
Total unsecured claims = Total debts - Total value of secured claims = $75,000. 
Therefore, the correct answer is (C) $75,000.

Wright Company Recently Petitioned for Bankruptcy and Is Now in the Process