Mandich Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation:

Of the salaries payable, $30,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: John Webb was owed $10,600, Samantha Jones was owed $15,000, Sandra Johnson was owed $11,900, and Dennis Roberts was owed $2,500. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $40,000.

On a statement of financial affairs, what amount would have been shown as assets available to pay liabilities with priority and unsecured creditors? | | $390,000. | | | $445,000. | | | $495,000. | | | $660,000. | | | $795,000. | | | |

A Chapter 7 bankruptcy is a(n) | | involuntary reorganization. | | | bankruptcy forced by a company's creditors. | | | liquidation. | | | bankruptcy in which all creditors receive payment in full. | | | voluntary reorganization. |

On a statement of financial affairs, a specific liability may be classified as | | current or long-term. | | | secured or unsecured. | | | monetary or nonmonetary. | | | direct or indirect. | | | past due or not yet due. |

On its balance sheet, a company undergoing reorganization should | | report its assets at fair value, so that financial statement users can estimate whether creditors' claims will be met. | | | report its assets at net realizable value because there is reason to doubt that the organization is a going concern. | | | report its assets as pledged or free. | | | report its assets at current replacement cost. | | | continue to report its assets at book value. |