Chapter 17 Reconstructions

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May 9, 2014 at 8:45 pm #168138
Anonymous
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Hi
In the illustration for reconstructions, I can’t quite figure out how the trade payables ends up as 7,840 in the new proposed SOFP.
The illustration says that the trade payables have agreed to be settled in full by a payment of 40c in the $1.
30,000 (trade payables figure) x 40c is 12,000…..
How do I reach the 7840 figure?
thanks
Emma
May 11, 2014 at 12:20 pm #168323
MikeLittle
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Do you think it might be anything to do with this extract from the question?
“Included within payables are $8,000 arrears of wages to be paid in the scheme and $2,400 other preferential creditors but not yet paid.”
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