ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and P640,000 shareholders' equity Additional information: • 75% of the current assets are non-cash assets with a net realizable value of P75,000, The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the estimated estate equity (estate deficit)?
Q: ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest...
A: 1) computation of non-cash current assets: Carrying amount of the non-cash current assets = 75% of t...
Q: Solve for the income and expense to be recognized for the month of December, January and February un...
A: Accrual accounting is a technique of accounting in which income and costs are documented at the time...
Q: a. Based on the data above, compute the ROI for the Eastern Division and the Western Division. Plea...
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first three ...
Q: Will you be imprisoned for non-payment of tax? Is it absolute?
A: Income Tax- Income tax is a tax levied on a person's or a company's earnings for the previous year. ...
Q: 5. A. Hoysted is a sign painter and truck letterer. Her business, Hoysted Designs, has the following...
A: A T-Account is a log or list of accounts that keep track of account transfers. A trial balance's mai...
Q: How much is the net income before tax
A: Net income before tax (EBT) indicating the final amount of the profit before calculating the tax aft...
Q: Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is ...
A: Given, Principal amount = $18,800, Interest rate = 8% per annum, It is borrowed on Oct 1st 2022, Int...
Q: On March 20, 2022, the board of directors authorized the financial statements for issue. The entity ...
A: Journal entries shows the recording of transactions during an accounting year and every transaction ...
Q: The Trial Balance of PAG Enterprises, a dealer in HR Software, as at 31st December, 2021. GHS G...
A: A trial balance is a backbone of accounting as it includes a list of all general ledger account. It ...
Q: The accounts below appear in the December 31, 2020 trial balance of Moon Company: Authorized share c...
A:
Q: On January 1, 2022, J Company acquired an intangible asset from a foreign company. The invoice price...
A: The cost of a separately acquired intangible asset comprise: a) its purchase price, including import...
Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting ...
A: Introduction: Bank Reconciliation Statement: To Reconcile the difference between Cash and Pass book ...
Q: The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. I...
A: Accounts receivable is the money due for the credit sales and the amount not yet received.
Q: 1. OMAHA, Inc. closes the books on December 31 of each year and usually posts its 1OK before the end...
A: In simple terms, it can be said that long term debt is payable in more than 12 months and classified...
Q: blanks for each of the five separate equity section relationships. Company Company Company 3 Financi...
A: Capital refers to the resources introduced by the owner into the business that are used for revenue ...
Q: The Product: The Company’s only product is soft cookies, of which it makes over 50 varieties. Larg...
A: The company's goal is to provide a pristine, no-preservation product while employing all cost-effect...
Q: Which of the tollowing methods can be used to estimate the amount of variable consideration? 1Expec...
A: As per Accounting standard on Revenue recognition ASC 606 for determining the amount of variable con...
Q: Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for th...
A: Statement of retained earnings is a part of the financial statement. The ending balance of retained ...
Q: Kanlungan, Inc., is a registered non-stock, non-profit entity with the purpose of helping the poor m...
A: Many organization in world have incorporated for working for the benefit of nation's personal, and c...
Q: The Directors of Caln Ltd has asked you how the following wi be treated in the financial statements ...
A: We know that As per IND AS 10 i.e. Event Occuring after the balance sheet date are those event which...
Q: Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start...
A: Calculation of company expenses for 2019 and 2020 are as follows.
Q: For the year 20x2, Amateur's income under absorption costing was $5,000 lower than its income under ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Dellcom Inc. sells two products: a regular and a deluxe version. The owner would like to better unde...
A: Calculation of contribution per unit Particulars regular Deluxe Sales price 38 61 Less: varia...
Q: Greg owns a promissory note, due in 2 years hence, whose maturity value is 7,500 php. If the rate of...
A: Maturity value (FV) = 7500 php Interest rate = 11.5% Bimonthly interest rate (i) = 11.5%/6 = 1.91666...
Q: In a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000 representi...
A: When cases are settled in a court, either of the parties may be liable to pay the other party damage...
Q: Define the concepts of Dept capacity and Unused debt capacity? and if unused debt capacity was negat...
A: Debt Capacity: In general terms, it is the amount of debt that a business can incur and repay it as ...
Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...
A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...
Q: The partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31, 201...
A: The partnership firm of Cruz, Amistoso, and Galicia Computation of statement of partnership equity ...
Q: Required: Calculate the amount of gift tax due this year and Casey's unused exemption equiva (Refer ...
A: The answer is stated below:
Q: ariel owes P30,000 in 5 months with interest at 7% and another P14000 is due in 11 months with inter...
A: Solution Given Amount due in 5 months (7% interest) 30000 Amount due in 11 months (9% inte...
Q: The following taxable income data is available for ACME Incorporated: Year Taxable Income Tax Rate 2...
A: Income statement- The Income Statement is one of a company’s heart fiscal statements that demonstrat...
Q: Most people view is worth bearing. due to technological change as a necessary cost that Select the t...
A: Answer: Correct options are (a) and (c).
Q: Stellar Stores purchases $8,500 of merchandise for resale from Blossom Wholesalers, terms 2/10, n/30...
A: Journal Entries - Journal Entries are the form of recording transactions. Every transaction is recor...
Q: Marchete Company produces a single product. They have recently received the results of a market surv...
A: Break even sales units = Fixed cost / CM per unit CM per unit = SP per unit - VC per unit
Q: tatemernt 1 : In the case of corporate liquidation, stockholders must be paid first followed by the ...
A: In case of a corporate liquidation a company follows liquidation preference which is essentially a c...
Q: kindly read my question clearly this time and give me the answers for my specific question instead o...
A: JF termed as Journal entries which is basic as well as original book of accounts prepared by the com...
Q: Amistoso is personally solvent, Galicia is personally insolvent, and Cruz becomes insolvent after in...
A: At the time of liquidation, the assets are sold and the liabilities are settled and the remaining ca...
Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. M...
A: We are supposed to answer only one question, please Co-operate and ask other questions separately A...
Q: d? Prepare an amortization schedule related to the bond investment in Marlin. How does Martin’s inve...
A: Market interest rate is the yield to maturity of the bond. It is the rate which the invetsors will g...
Q: Prepare journal entries, including adjustments to record the above transactions assuming the company...
A: Journal entry under both system as well as calculation of cost of goods sold are as follows.
Q: Salaries and wages expense 190 Travel expense 77 Total $8703 $8703 Net income for the year is: $688....
A: Calculation of net income are as follows
Q: Colt Company owns a machine that can produce two specialized products. Production time for Product T...
A: Lets understand the basics. When there is any constrain to fulfill the needs of customer then manage...
Q: Katie Wright’s banker has asked her to submit a personal balance sheet as of June 30, 2020, in suppo...
A: 1. Determination of balance sheet Katie Wright's Balance sheet Ended June 30, 2020 Assets $ Liabi...
Q: NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc....
A: The financial statements of the business include the income statement, balance sheet and statement o...
Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged ...
A:
Q: Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: 1. Annual...
A: The correct solution for the above mentioned question is given in the following steps for your refer...
Q: INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 Cash Flows...
A: Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and outflo...
Q: Luckin went public in the U.S. in May 2019, listed in NASDQA and raising $561 million. Its success d...
A: Limited Liability: Limitation of liability is an economic situation in which the damages that compan...
Q: Mr. Robertson owns a store. His mark-up percentage is 80%. He is also VAT registered, VAT is 15% of ...
A: VAT refers to Value Added Tax charged by the seller of goods. It is charged over and above the selli...
Q: Diane Company has the following details for March. Cost of Direct Material used in production P21,00...
A: The cost of goods sold is calculated as follows: Cost of goods sold = Finished goods beginning inven...
Step by step
Solved in 2 steps
- Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below:ASSETSCarryingAmountNet RealizableValueCash P250,000 P300,000Accounts Receivable 150,000 355,649Equipment-net 600,000 200,000Land 1,700,000 1,500,000TOTAL ASSETS P2,700,000 P2,355,649LIABILITIESCarryingAmountSettlementAmountAccounts Payable P1,000,000 P1,000,000Salaries Payable 500,000 500,000Notes Payable 800,000 805,234Loan Payable 800,000 800,000TOTAL LIABILITIES P3,100,000 P3,105,234EQUITYShare Capital P1,600,000Retained Earnings (2,000,000)Capital Deficiency (400,000)TOTAL LIABILITIES & EQUITY P2,700,000Additional Information:• Administrative expenses amounting to P180,744 are expected to be incurred during the liquidationprocess.• The equipment is pledged to the loan payable.• The land is pledged to the notes payable.QUESTIONS:1. What is the amount paid to unsecured creditors without priority? 2. What is the amount paid to partially secured creditors?Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below:ASSETSCarryingAmountNet RealizableValueCash P250,000 P300,000Accounts Receivable 150,000 355,649Equipment-net 600,000 200,000Land 1,700,000 1,500,000TOTAL ASSETS P2,700,000 P2,355,649LIABILITIESCarryingAmountSettlementAmountAccounts Payable P1,000,000 P1,000,000Salaries Payable 500,000 500,000Notes Payable 800,000 805,234Loan Payable 800,000 800,000TOTAL LIABILITIES P3,100,000 P3,105,234EQUITYShare Capital P1,600,000Retained Earnings (2,000,000)Capital Deficiency (400,000)TOTAL LIABILITIES & EQUITY P2,700,000Additional Information:• Administrative expenses amounting to P180,744 are expected to be incurred during the liquidationprocess.• 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…ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and P640,000 shareholders' equity Additional information: • 75% of the current assets are non-cash assets with a net realizable value of P75,000. The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the estimated estate equity (estate deficit)?
- 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) P320,000When 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) P 80,000 200,000 40,000 Total Assets P320,000 P160,000 Accounts Payable Mortgage Payable (secured by land & building) 200,000 Ordinary share Accumulated profits Total Liabilities and Equity 100,000 (140,000) P320,000 What percentage of their claims are the unsecured creditors likely to get? O 56.25% 50.00% O 100% 43.75%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 Goodwil (fair value, 0) 40,000 Total Assets P 320,000 Accounts Payable P 160,000 Mortgage Payable (secured by land & building) 200,000 Ordinary Share 100,000 Accumulated Profits (140,000) Total Liability and Equity P 320,000 What percentage of their claims are the unsecured creditors likely to get?
- Maharlika Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and shareholders’ equity P640,000 Additional information: 75% of the current assets are non-cash assets with a net realizable value of P75,000. The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the expected amount of payment for the mortgage payable?Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below:ASSETSCarrying AmountNet Realizable ValueCash P250,000 P300,000Accounts Receivable 150,000 355,649Equipment-net 600,000 200,000Land 1,700,000 1,500,000TOTAL ASSETS P2,700,000 P2,355,649LIABILITIESCarrying AmountSettlement AmountAccounts Payable P1,000,000 P1,000,000Salaries Payable 500,000 500,000Notes Payable 800,000 805,234Loan Payable 800,000 800,000TOTAL LIABILITIES P3,100,000 P3,105,234EQUITYShare Capital P1,600,000Retained Earnings (2,000,000)Capital Deficiency (400,000)TOTAL LIABILITIES & EQUITY P2,700,000Additional 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…Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below:ASSETSCarrying AmountNet Realizable ValueCash P250,000 P300,000Accounts Receivable 150,000 355,649Equipment-net 600,000 200,000Land 1,700,000 1,500,000TOTAL ASSETS P2,700,000 P2,355,649LIABILITIESCarrying AmountSettlement AmountAccounts Payable P1,000,000 P1,000,000Salaries Payable 500,000 500,000Notes Payable 800,000 805,234Loan Payable 800,000 800,000TOTAL LIABILITIES P3,100,000 P3,105,234EQUITYShare Capital P1,600,000Retained Earnings (2,000,000)Capital Deficiency (400,000)TOTAL LIABILITIES & EQUITY P2,700,000Additional 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: 4. How much are the net free assets? _____________5. What is the estimated deficiency? _____________6. What is the estimated recovery…
- Distressed Corporation is undergoing liquidation. Relevant information as of January 1, 20x1 is shown below:ASSETSCarrying AmountNet Realizable ValueCash P250,000 P300,000Accounts Receivable 150,000 355,649Equipment-net 600,000 200,000Land 1,700,000 1,500,000TOTAL ASSETS P2,700,000 P2,355,649LIABILITIESCarrying AmountSettlement AmountAccounts Payable P1,000,000 P1,000,000Salaries Payable 500,000 500,000Notes Payable 800,000 805,234Loan Payable 800,000 800,000TOTAL LIABILITIES P3,100,000 P3,105,234EQUITYShare Capital P1,600,000Retained Earnings (2,000,000)Capital Deficiency (400,000)TOTAL LIABILITIES & EQUITY P2,700,000Additional 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: 7. What is the amount paid to unsecured creditors without priority? _____________8. What is the amount paid to partially secured…When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: P 80,000 Current Assets (net realizable value, P50,000) Land and Building (fair value, P240,000) Goodwill (fair value, 0) 200,000 40,000 Total Assets P320,000 Accounts Payable P160,000 Mortgage Payable (secured by land & building) Ordinary share Accumulated profits Total Liabilities and Equity 200,000 100,000 (140,000) P320,000 What percentage of their claims are the unsecured creditors likely to get?59. ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and shareholders’ equity P640,000 Additional information: 75% of the current assets are non-cash assets with a net realizable value of P75,000. The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the estimated estate equity (estate deficit)? NOTE: Use parenthesis for estate deficit EXAMPLE: If your answer is an estate deficit of Php123,456.78 write (123457)