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- The following totals are taken from the statement of financial position of Eden Company: Current Assets 350,000 Long-term Assets 800,000 Current Liabilities 240,000 Long-term Liabilities 270,000 Additional information: a. Cash of P38,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements. b. Long-term assets include P50,000 in treasury shares. c. Cash of P14,000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements. d. Advances on salespersons' commissions in the amount of P21;000 have been made. Also, sales commissions payable total P24,000. The net liability of P3,000 is included in Current Liabilities. 1. Adjusted total current liabilities a. P240,000 b. P254,000 c. P275,000 d. P278,000The Modesto Company is facing possible liquidation.Using the following information, prepare a statement offinancial affairs in good form.Here’s the company’s most recent balance sheet: Assets Liabilities and equities Cash $12,000 Accounts payable $170,000Accounts Receivable 60,000 Notes payable 90,000Inventory 120,000 Mortgage payable 80,000Investments 45,000Equipment 105,000 Common stock 75,000Land 82,000 Retained earnings 9,000Total assets $424,000 Total Liab. and Eq’s $424,000 The mortgage payable is fully secured by the land. The land can be soldimmediately for $103,000The equipment partially secures the notes payable. The equipment is not ingood shape and at auction will bring only $30,000The market has declined so the investments have lost 40% of their value.It is estimated that 30% of the accounts receivable will have to be written off.The inventory is outdated and will bring only 50% of its book value atauction.Additional income taxes will be $26,000Administrative expenses for…The following totals are taken from the statement of financial position of Stream Company: Current assets P350,000 Long-term assets 800,000 Current liabilities 240,000 Long-term liabilities 270,000 Additional information: (a) Cash of P38,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements. (b) Long-term assets include P50,000 in treasury shares. (c) Cash of P14,000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements. (d) Advances on salespersons' commissions in the amount of P21,000 have been made. Also, sales commissions payable total P24,000. The net liability of P3,000 is included in Current Liabilities. Compute for the adjusted totals of Stream's current assets. Group of answer choices P350,000 P364,000 P423,000 P385,000
- Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below: ASSETS Carrying Amount Net Realizable Value Cash Accounts Receivable Equipment-net Land P250,000 150,000 600,000 1,700,000 P2,700,000 P300,000 355,649 200,000 1,500,000 P2,355,649 TOTAL ASSETS LIABILITIES Settlement Amount Accounts Payable Salaries Payable Notes Payable Loan Payable TOTAL LIABILITIES Carrying Amount P1,000,000 500,000 800,000 800,000 P3,100,000 P1,000,000 500,000 805,234 800,000 P3,105,234 EQUITY Share Capital Retained Earnings Capital Deficiency P1,600,000 (2,000,000) (400,000) TOTAL LIABILITIES & EQUITY P2,700,000 Additional Information: Administrative expenses amounting to P180,744 are expected to be incurred during the liquidation process. The equipment is pledged to the loan payable. The land is pledged to the notes payable. QUESTIONS: 1. How much are the total free assets? 2. How much are the unsecured liabilities with priority? 3. How much are the total…The following data were taken from the Statement of Affairs of Honesty Company: Shareholders' equity Bonds Payable without security Salaries Payable Loss on realization of assets Accounts payable without security Taxes Estimated Liquidation expenses Determine the estimated amount payable to the holder of the bonds. P441,000 735,000 50,000 551,250 367,500 72,500 55,125Will Inc. provided the following information at year-end: Cash and cash equivalents..... Accounts receivable, net of P 1000,000 allowance. .P 500,000 2,000,000 Inventory.. Property, plant and equipment, net. Accounts payable. Wages payable. Share capital.. Share premium. • The only asset not listed is its short-term investments of P 500,000. • The only liabilities not listed are a P 3,000,000 notes payable due in 2 years and the 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 related accrued interest of P 100,000 due in 4 months. How much is the current liabilities as of December 31, 2021?
- The current assets and current liabilities sections of the balance sheet of Keane Co. appear as follows. Cash $18,000 Accounts payable $28,000 Accounts receivable $39,000 Notes payable 14,000 Less: Allowance for doubtful accounts 2,000 37,000 Unearned revenue 3,000 Inventory 62,000 Total current liabilities $45,000 Prepaid expenses 6,000 Total current assets $123,000 The following errors in the corporation’s accounting have been discovered: 1. Keane collected $4,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2. The inventory amount reported included $3,200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $1,800 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.…Maymay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking 500,000 fund for long term bond payable) Accounts receivable 200,000 Allowance of uncollectible accounts 50,000 Deposits received from customers 30,000 Merchandise inventory 70,000 Unearned rent 10,000 Investment at fair value to profit or loss 20,000 What amount should Mumay Company report as total current assets in its statement of financial position? O 740,000 640,000 720,000 O 670,00033. Integrity, Inc is insolvent and its statement of affairs show: Estimated gain on realization of assets P2,000,000 Estimated loss on realization of assets 2,560,000 Additional assets, 1,200,000 Additional liabilities 960,000 Ordinary shares 12,000,000 Deficit 11,200,000 The pro-rata payment to stockholders on the peso is
- The records containing several transactions incurred by Forbes Corporation at December 31, 2021 showed the following balances: Bad debts expense 2,750,000Freight out 4,000,000Cost of sales 46,350,000Loss on sale of equipment 2,000,000Loss on early retirement of long-term debt 3,000,000Sales 97,500,000Interest income 4,850,000Administrative expenses 11,250,000Finished goods inventory, January 1 60,000,000Sales commissions 6,000,000Finished goods inventory, December 31 55,000,000Income tax rate 30% What amount shall Forbes Corporation shall report as its net income for the year 2021?The Modesto Company is facing possible liquidation. Using the following information, prepare a statement of financial affairs in good form. Here's the company's most recent balance sheet Liabilities and equities Accounts payable Notes payable Assets Cash $12,000 $170,000 Accounts Receivable 60,000 120,000 90,000 Inventory Mortgage payable 80,000 Investments 45,000 Equipment 75,000 9,000 105,000 Common stock Land 82,000 Retained eamings Total assets $424,000 Total Liab. and Eq's $424,000 The mortgage payable is fully secured by the land. The land can be sold $104,000 immediately for The equipment partially secures the notes payable. The equipment is not in good shape and at auction will bring only $12,000 The market has declined so the investments have lost 40% of their value. It is estimated that 30% of the accounts receivable will have to be written off. The inventory is outdated and will bring only 50% of its book value at auction. Additional income taxes will be $15,000…Lugi Ka Na Company has been forced into bankruptcy as of April 30 because of its inability to pay its debts. The statement of financial position on that date shows: ASSETS LIABILITIES & EQUITY P5,400 78,700 37,000 175,700 1,900 122,500 Accounts Payable Notes Payable – PNB Notes Payable – suppliers Accrued wages Accrued taxes Mortgage Bonds Payable Common stock – P100 par Retained Earnings Total Liabilities & Equity P105,000 30,000 102,500 3,700 9,300 180,000 150,000 (61,700) P518,800 Cash Accounts Receivable Note Receivable Inventory Prepaid Expenses Land and Building Equipment, net 97,600 Total Assets P518,800 Additional information: a. Accounts receivable of P32,220 and notes receivable of P25,000 are expected to be collectible. The good notes are pledged to Philippine National Bank. b. Inventories are expected to bring in P90,200 when sold under bankruptcy conditions. c. Land and buildings have an appraised value of P190,000. They serve as security on the bonds. d. The current value…