Statement of Realization & Liquidation of Riverdale is presented below: ASSETS: Assets to be realized - 1,375,000 Assets acquired- 250,000 Assets realized - 1,200,000 Assets not realized - 400,000 LIABILITIES: Liabilities liquidated - 1,875,000 Liabilities not liquidated - 1,700,000 Liabilities to be liquidated - 2,250,000 Liabilities assumed 1,625,000 Supplementary charges - 500,000 Supplementary credits - 655,000 1. If cash balance at the end is P1,500,000, how much is the beginning shareholders' equity? A. (230,00) B. (25,000) C. 630,000 D. 200,000
Q: To encourage entities to expand their operations in a specified development zone, where it is…
A: The accrual concept is one of the key concepts in accounting and it is based on the belief that the…
Q: 55. On March 1, 2021, a company issued a four-year, P3,000,000 face value, 11% term bonds for…
A:
Q: How much is the equity component of the compound instrument?
A: Compund financial Instrument: A Compound Financial Instrument is an instrument which exhibits the…
Q: On January 1, 2021, a company had 125,000 issued shares and 25,000 treasury shares. During the year,…
A: The treasury stock decreases the number of shares outstanding but issued shares remains constant.
Q: The following data are provided by Coach Sarah Company: Assets at book value P750,000 Assets at…
A: Introduction:- The term deficiency is an insufficient amount. It means all Assets at net realizable…
Q: On October 1, 2021, a company declared to its shareholders a property dividend in the form of pieces…
A: A company may distribute dividend in cash, kind or in form of it's shares which affects it's…
Q: 2021, a company issued 6% bonds with a maturity value of P40,000, together with 1,000 shares of its…
A: Share premium is amount which is paid in excess of par value of ordinary shares. It is given that…
Q: A company is experiencing financial difficulty and is negotiating a trouble debt restructuring with…
A: Debt restructuring is a process of re-negotiating the terms of debt as the debtor is facing…
Q: Which of the following is NOT a characteristic of a forward contract? Forwards are private contracts…
A: Forward contract is one of the type of agreement or contract, which is made for future period of…
Q: June 1 Balance 302 unitse $17 June 10 Sold 200 units@ $40 11 Purchased 795 units $20 15 Sold 496…
A: Introduction: FIFO: FIFO stands for First in First out. Which means First received inventory to be…
Q: She Company granted 200 share appreciation rights to each of the 1,000 employees on January 1, 2021.…
A: Share appreciation rights are the employee compensation that is linked to the stock price of the…
Q: The Danice Corporation was incorporated on January 1, 2005, with the following authorized…
A:
Q: The stockholders' equity of A Company at the end of 2023 and 2022 are as follows: 2023 2022…
A: To calculate the issue price per share of preferred stock, firstly we need to calculate the no. of…
Q: A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13,…
A: Treasury stocks are the stocks which the company buys back from the already issued stocks from the…
Q: The stockholders' equity of A Company at the end of 2023 and 2022 are as follows:
A: Change in preferred Stock over 2022 and change in paid in capital in excess of par value in case of…
Q: 4. A business had always made a provision for doubtful debts at the rate of 4% of debtors. On 1…
A: Hi student Since there are multiple questions, we will answer only first question. Since first…
Q: sset X has a beta of 1.7 and an expected return of 15.1%. Asset Y has a beta of .70 and an expected…
A: Let the total portfolio should of $ 1. Total portfolio = Investment in Asset X + Investment in…
Q: . If an entity declares a small share dividend, what amount shall be debited to retained earnings?
A: Solution: There are two type of share dividends as under: 1. Small share dividend (20-25%) 2. Large…
Q: Nicanor, the Chief Financial Officer of ABC Corporation was given a car by his employer. The cost of…
A: Lets understand the basics. Fringe benefit tax is a tax paid on the non cash benefit provided to the…
Q: What’s the difference between accounts payable and receivable
A: You will have to deal with accounts payable and receivable if you utilise the accrual accounting…
Q: Are you going to be better off participating in the company scheme or making your own arrangements?…
A: The firm has a retirement plan matching employee contributions on a 2: 1 basis. The fund will earn a…
Q: The management of Kunkel Company is considering the purchase of a $22,000 machine that would reduce…
A: Net Present value is present value of cash flow minus initial investment
Q: On October 1, 2021, a company declared to its shareholders a property dividend in the form of pieces…
A: The profit and loss statement is a financial term that summaries the sales ,cost expenses incurred…
Q: 4. Accounts receivable turnover fill in the blank 4 5. Number of days' sales in receivables fill in…
A: Solution:- 4) calculation of accounts receivables turnover ratio as follows under;- definition:-…
Q: On March 1, 2021, a company issued 1,000 shares of its P20 par value ordinary share and 2,000 shares…
A: When more than one class of stocks are issued together at a lumpsum price, the lump-sum amount is…
Q: What is the total stockholders' equity based on the following data? Common Stock $900,000 Excess of…
A: Introduction:- If the balance in the corporation's retained earnings account is a debit balance. It…
Q: Perfect Stampers makes and sells aftermarket hubcaps. The variable cost for each hubcap is $4.75,…
A: Contribution margin per unit = Selling price per unit - Variable Cost per unit
Q: You are auditing Abra Inc's cash in bank for the year ended December 31, 2021. You assessed control…
A: The adjusted cash balance as per the bank book can be calculated by preparing the statement of proof…
Q: Now consider “segregation of duties.” Determine why it is important in an IT environment. What are…
A: Introduction:- Segregation of Duties is a basic building block of sustainable risk management and…
Q: CJ decided to withdraw from his partnership with TF and LX. Before balance was P406,000, while TF's…
A: Partnership means the form of business where two or more person joins together to run the business…
Q: AL the beginning of the current year, CFAS Company declared a 10% share dividend. The market price…
A: A stock dividend is a dividend paid to shareholders in the form of additional shares in the company.…
Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…
A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…
Q: On September 1, 2019, a company borrowed on a P5,400,000 note payable from a bank. The note bears…
A: Accrued Interest Payable: Accrued interest due is the amount of interest that has been recognized as…
Q: Which of the following characteristics is most important in assuring the achievement of the primary…
A: Audit working papers are the documents of audit evidence obtained during auditing.
Q: rmine (a) the current ratio and (b) the
A: Answers: a) Current Ratio 2.4 b) Quick Ratio 1.6
Q: On April 1, 2028, Dugong Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031,…
A: The carrying amount of the note on initial recognition is equivalent to the cash price of land. The…
Q: What is the formula for the "Net Income attributable to P Corporation"? How did you come up with…
A: In case of consolidations, net income to be recorded in the books of the parent entity is computed…
Q: On December 31, 2021, the Bobo company presented the following information: Ordinary share capital,…
A: Cost Value of Property, plant and equipment: P8,000,000 Book Value of Property, plant and equipment:…
Q: A company has suffered operating losses for some time but is now operating profitably and expects to…
A: Quasi reorganization means where assets and liabilities are restated at fair value and profit is…
Q: 19. Odette has a base monthly salary of S1,500 and eams a 5% commission on all sales she makes at…
A: The calculation of commission income has been made as follows: Commission income=Total income-Salary…
Q: At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares…
A: After preparing shareholders' equity section of balance sheet, above answers can be answered:…
Q: The stockholders’ equity of A Company at the end of 2023 and 2022 are as follows: 2023 2022…
A: The shares can be categorised as common stock and preferred stock shares.
Q: Determine the capitalized cost of a large-format printer that has a first cost of P1.20 million and…
A: Capitalized cost is defined as an expense that is capitalized, i.e. added to the asset's value, and…
Q: the beginning of current year, CFAS Company issued 50,000 shares of P10 par value for P113 per…
A: under the constructive retirement it is used when there is a function that share will not be…
Q: What is the role of Cost Accounting in Price Determination ?
A: The primary difference between fixed as well as variable costs is made in cost accounting.…
Q: deducting credit balances of custc , 500 verdraft of P22,650
A: Given as,
Q: Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the…
A: Cash payments budget is one of the important budget prepared in business, which shows expected cash…
Q: Manger x My Home x CengageNOWv2 |Online teachin x * CengageNOW2|Online teachin x…
A: Cost of goods sold is the actual cost of goods which is being sold to the customers. Cost of…
Q: A general rule in bond valuation is that a decline in interest rates causes bond prices to a. rise…
A: Bond is a debt fixed interest bearing instrument that is issued by the company to raise funds from…
Q: s fees of P5,100. The shares represented 25% of the outstanding shares of Rigby and Jude has an…
A: Investment Valuation for acquisition of share of a company shall be recorded at the cost of…
Statement of Realization & Liquidation of Riverdale is presented below:
ASSETS:
Assets to be realized - 1,375,000
Assets acquired- 250,000
Assets realized - 1,200,000
Assets not realized - 400,000
LIABILITIES:
Liabilities liquidated - 1,875,000
Liabilities not liquidated - 1,700,000
Liabilities to be liquidated - 2,250,000
Liabilities assumed 1,625,000
Supplementary charges - 500,000
Supplementary credits - 655,000
1. If cash balance at the end is P1,500,000, how much is the beginning shareholders' equity?
A. (230,00)
B. (25,000)
C. 630,000
D. 200,000
Step by step
Solved in 2 steps
- The following information was taken from the statement of realization and liquidation of Jury and John Bombastix Co. which is undergoing liquidation: ASSETS: 8,000,000 60,000 4,720,000 880,000 Assets to be realized Assets acquired Assets realized Assets not realized LIABILITIES: Liabilities liquidated Liabilities not liquidated Liabilities to be liquidated 8,520,000 4,760,000 11,480,000 128,000 Liabilities assumed SUPPLEMENTARY ITEMS: Supplementary expenses Supplementary income 100,000 72,000 How much is the net gain (loss) for the period?Pitch Co. is undergoing liquidation. Infórmation on Pitch Co.. assets and liabilities is shown below: Вook value Realizable value ASSETS 1,000,000 500,000 1,300,000 Assets pledged to fully secured creditors Assets pledged to partially secured creditors 300,000 1,600,000 1,280,000 Free assets 3,100,000 2,880,000 LIABILITIES Unsecured liabilities with priority 400,000 480,000 1,000,000 1,050,000 Fully secured creditors Partially secured creditors Unsecured creditors without priority 650,000 650,000 1,400,000 3,580,000 1,400,000 3,450,000 1. What is the estimated recovery percentage of unsecured creditors without priority? а. 60% b. 75% с. 78% d. 80%The statement of realization and liquidation of Honesty Co. are as follows: P1,700,000 Liabilities not liquidated Liabilities assumed Assets to be realized Assets acquired Assets realized Assets not realized Liabilities liquidated 300,000 1,100,000 1,200,000 1,600,000 Liabilities to be liquidated Supplementary charges Supplementary credits P1,400,000 1,500,000 2,000,000 2,500,000 1,950,000 What is the beginning balance of cash account assuming that Ordinary Share Capital is P1,500,000 and deficit, ending is P400,000?
- When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: Current Assets (net realizable value, P50,000) Land and Building (fair value, P240,000) Goodwill (fair value, 0) Total Assets Accounts Payable Mortgage Payable (secured by land & building) Ordinary share Accumulated profits Total Liabilities and Equity b. 56.25% c. 50.00% P 80,000 200,000 d. 43.75% 40,000 P320,000 P160,000 200,000 100,000 What percentage of their claims are the unsecured creditors likely to get? a. 100% (140,000) P320,000Accounting The Statement of Realization and Liquidation for NMCC Corporation is as follows:▪Assets to be realized P 720,000▪Assets acquired 480,000▪Assets realized 660,000▪Assets not realized ?▪Liabilities to be liquidated 960,000▪Liabilities liquidated 840,000▪Liabilities assumed 600,000▪Liabilities not liquidated 1,320,000▪Supplementary credits 1,320,000▪Supplementary debits 1,260,000 Retained earnings decreased by P 144,000. The ending balance of common stock and retained earnings are P1,200,000 and (P900,000) respectively. 1. The beginning balance of cash is:2. The ending balance of cash is:Accounting The Statement of Realization and Liquidation for NMCC Corporation is as follows:▪Assets to be realized P 720,000▪Assets acquired 480,000▪Assets realized 660,000▪Assets not realized ?▪Liabilities to be liquidated 960,000▪Liabilities liquidated 840,000▪Liabilities assumed 600,000▪Liabilities not liquidated 1,320,000▪Supplementary credits 1,320,000▪Supplementary debits 1,260,000 Retained earnings decreased by P 144,000. The ending balance of common stock and retained earnings are P1,200,000 and (P900,000) respectively. Requirements: 1. The amount of Assets not realized is:2. The amount of Net Income or (Net Loss) is:
- The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Асcum. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Residual value 20,000 10,000 14,000 Asset Cost 100,000 55,000 70,000 20X5 20X5 Dirt takes a full vear's depreciation expense in the vear of an asset's acquisition and no depreciation ABCTopic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively
- present in good accounting form When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: Current Assets (net realizable value, P50,000) P 80,000 Land and Building (fair value, P240,000) 200,000 Goodwill (fair value, 0) 40,000 Total Assets P320,000 Accounts Payable P160,000 Mortgage Payable (secured by land & building) 200,000 Ordinary share 100,000 Accumulated profits (140,000) Total Liabilities and Equity P320,000 What percentage of their claims are the unsecured creditors…A company that Income to be liquidated had the following liabilities: Income taxes - 10,000Notes payable secured by land - 100,000Accounts Payable - 251,050Salaries Payable - 12,950Administrative expenses for liquidation - 20,000 The company has thhe following assets: Current Assets Book Value - 100,000Fair Value - 95,000LandBook Value - 50,000Fair Value - 75,000Building Book Value - 150,000Fair Value - 200,000 Determine the total net free assetsDetermine the total payment to unsecured creditors.Among the assets of Lucas Company on December 31, 2021 are the following:Land held for long-term capital appreciation 3,500,000Land held for a currently undetermined future use 5,700,000Building included in inventory 16,600,000Land held for long-term speculation 1,400,000Equipment leased out under an operating lease 500,000Building rented out under finance lease 10,900,000Land owned by the entity and leased out under an operating lease 7.800,000Building owned by the entity and leased out under operating lease 11,800,000Land held for future site 5,600,000Building that is currently vacant but is held to…