# A Complete Arithmetic; Uniting Mental and Written Exercises in a Natural System of Instruction

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1870 edition. Excerpt: ...debts. 274. An Assignment is the transfer of the property of a bankrupt to certain persons, called Assignees, in whom it is vested for the benefit of the creditors. Note.--It is the duty of assignees to convert the property into money and divide the proceeds, after deducting expenses, among the creditors. 275. The property of a bankrupt or insolvent is called his Assets, and the amount of his indebtedness is called his Liabilities. The assets less the expense of settling are the Net Proceeds. WRITTEN PROBLEMS. 1. A merchant failed in business, owing \$15750, and his assets amount to \$10515: what per cent. of his liabilities can he pay, allowing \$750 for expense of settling. Process. Since the net proceeds of \$10515--\$750 = \$9765, net proceeds. his assets are but-62 of hia \$9765-4-\$15750 =.62, or 62 % liabilities, he can pay but 62%, or 62 cts. on a dollar. 2. In the above case of bankruptcy there are four creditors, whose claims are respectively, \$3580, \$4635, \$5300, and \$2235: how much will each receive? 3. Smith, Jones & Co. have become insolvent, owing A \$3500, B \$1250, C \$3750, D \$1000, and E \$2500; their assets amount to \$7150, and the expense of settling will be \$550: what per cent. of their liabilities can they pay? What will each creditor receive? 4. A dry goods merchant failed, with liabilities amounting to \$25000; his assets are: goods \$9500, building and lot \$5400, and bills collectible \$2100; and the expense of settling will be 5 % of the assets. How many cents on the dollar can he pay? FORMULAS AND RULES. 276. Formulas.--1. Rate % = net proceeds-s-liabilities. 2. Dividend = claim X rate %. 277. Rules.--1. To find what per cent. of his liabilities a bankrupt can pay, Divide the net proceeds of his assets by the amount of his...