#26 Tabodi Corp. has been undergoing liquidation since January 1. As of June 30, its condensed statement of realization and liquidation is presented below: Assets realized 105,000 Interest on investment 525 Purchases 5,250 Assets acquired 17,500 Liabilities assumed 5,250 Payment expense of trustee 26,250 Liabilities to be liquidated 227,500 Sales on account 17,500 Assets not realized 147,000 Liabilities not liquidated 111,475 Sales for cash 87,500 Assets to be realized 332,500 Liabilities liquidated 122,500 The net gain(loss) on realization and liquidation is Group of answer choices (61,250) Any other amount (25,000) 61,250 25,000

#26 Tabodi Corp. has been undergoing liquidation since January 1. As of June 30, its condensed statement of realization and liquidation is presented below: Assets realized 105,000 Interest on investment 525 Purchases 5,250 Assets acquired 17,500 Liabilities assumed 5,250 Payment expense of trustee 26,250 Liabilities to be liquidated 227,500 Sales on account 17,500 Assets not realized 147,000 Liabilities not liquidated 111,475 Sales for cash 87,500 Assets to be realized 332,500 Liabilities liquidated 122,500 The net gain(loss) on realization and liquidation is Group of answer choices (61,250) Any other amount (25,000) 61,250 25,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 37P

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Instagram Corporation has been undergoing liquidation since January 1. As of March 31, its condensed statement of realization and liquidation is presented below:Assets:Assets to be realized P 135,000Assets acquired 750,000Assets realized 1,200,000Assets not realized 1,375,000Liabilities:Liabilities Liquidated P 1,875,000Liabilities not liquidated 1,700,000Liabilities to be liquidated 2,250,000Liabilities assumed 1,625,000Revenues and Expenses:Supplementary Charges P 3,125,000Supplementary Credits 2,800,000The net gain (loss) for the three-month period ending March 31 is:a. P250,000b. P(325,000)c. P425,000d. P750,000
GG Na Company has been undergoing liquidation since January 1. As of March 31, its condensed statement of realization and liquidation is presented below: Assets:Assets to be realizedP95,000Assets acquired5,000Assets realized30,000Assets not realized42,000 Liabilities:Liabilities liquidated35,000Liabilities not liquidated31,850Liabilities to be liquidated65,000Liabilities assumed1,500Revenues and Expenses:Sales on account 5,000Purchases1,500Payment of expenses of trustee7,500Sales for cash25,000Interest on marketable securities150The net gain (loss) for the three-month period ending March 31 isInsert parenthesis if your answer is loss, example: (10,000)
57. The following information were taken from the statement of realization and liquidation of ABC Company for the quarter ended March 31, 2022: Assets to be realized P 650,000 Assets acquired 700,000 Assets realized 850,000 Assets not realized 300,000 Liabilities to liquidated 1,080,000 Liabilities assumed 360,000 Liabilities not liquidated 900,000 Liabilities liquidated 720,000 Supplementary income 1,020,000 Supplementary expenses 934,000 The ending balances of share capital and retained earnings are P600,000 and P120,000, respectively. How much is the ending cash balance?
Below is the statement of realization and liquidation of Alex Corporation, which is under receivership for the month ended July 31, 20x5:AssetsAssets acquired: Assets realized:Accounts receivable P20,000 Investment at fair value P24,000Assets to be realized: Assets not realized:Investment at fair value 32,000 Accounts receivable 10,000Accounts receivable 76,000 Merchandise inventory 30,000Merchandise inventory 40,000LiabilitiesLiabilities liquidated: Liabilities to be liquidated:Accounts payable P56,000 Accounts payable P90,000Liabilities not liquidated: Liabilities assumed:Accounts payable 20,000 Accounts payable 16,000Accrued expenses 4,000Supplementary Items Supplementary Expenses Supplementary IncomePurchases P3,000 Sales on account P12,000Expenses 15,000 Cash sales 40,000Interest income 4,000QUESTIONS:9. What is the net income or loss for the period? ______________
8 ABC Company filed for a voluntary bankruptcy which was granted after having submitted all the required papers and documents. You are provided the following information as of June 30, 2022: Assets Net Book Value Liquidation Value Cash P 4,997 Investments in equity securities 25,000 P40,000 plus uncollected dividends of P5,000 Accounts receivable, net 54,000 P28,000 expected collection Inventory 75,000 P100,000 after further processing of P10,000 Prepaid expense 8,000 P2,000 is refundable Land 140,000 150% of net book value Building, net 200,000 90% of net book value Equipment 80,000 30% of net book value Goodwill 10,000 Liabilities and Equity Carrying Value Other Information Notes payable P120,000 Secured by inventory Trade and other payables 100,000 Loans payable 350,000 Secured by land and…
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. 1. The beginning balance of cash is:2. The ending balance of cash is:
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ABC Company is beginning the process of liquidation. ABC has prepared a statement of financial affairs that discloses the following data: Assets pledged with secured creditors $ 210,000 Secured liabilities 125,000 Assets pledged with partially secured creditors 290,000 Free assets (not including excess to be received from assets pledged on secured liabilities) 225,000 Unsecured liabilities with priority 121,000 Unsecured liabilities 450,000 ABC owes $45,000 to Wallace Company, an unsecured creditor (without priority). How much money can Wallace Company expect to collect from ABC?
The following data were taken from the statement of realization and liquidation of ABC Corp. for the quarter ended June 30: Assets to be realized ₱515,625Supplementary credits 796,875Liabilities to be liquidated 843,750Supplementary charges 731,250Liabilities liquidated 562,500Assets acquired 562,500Assets realized 656,250Liabilities assumed 281,250Assets not realized 234,375 The ending capital balances of capital stock and retained earnings are ₱468,750 and ₱187,500, respectively. A net loss of ₱262,500 was reported for the period. How much is the ending balance of cash?
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)
The following data were taken from the statement of realization and liquidation of XYZ Corporation for the quarter ended September 30, 2008: Assets to be realized P 330,000 Assets acquired 360,000 Assets realized 420,000 Assets not realized 150,000 Liabilities to be liquidated 540,000 Liabilities assumed 180,000 Liabilities liquidated 360,000 Liabilities not liquidated 450,000 Supplementary credits 510,000 Supplementary charges 468,000 The ending balances of capital stock and retained earnings are P300,000 and P120,000,respectively. 1. How much is the ending balance of cash?
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