3. The following data were taken from the statement of realization and liquidation of AAA Corp. for the quarter ended June 1, 2011. Assets to be realized 687,500 1,062,500 Supplementary credits Liabilities to be liquidated Supplementary charges Liabilities līquidated Assets acquired 1,125,000 975,000 750,000 750,000
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- Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)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?
- 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?The following amounts were taken from the statement of affairs for Aray Company: Unsecured liabilities with priority P 52,500 Stockholders’ equity 189,000 Estimated liquidation expenses that have not been entered in the accounting records 23,625 Unsecured liabilities without priority 472,500 Loss on realization of assets 236,250 What is the amount of total free assets? 425,250 454,125 401,625 408,675The following data were ascertained for the month of September in the Statement of realization and liquidation of Enron Corp.: Assets to be realized for October were P18,000. Assets realized during the month were P338,000. Unrecorded assets during the month were P25,000. Assets not sold or collected at the end of August were P380,000. Liabilities assumed were P28,000. Liabilities not liquidated at the end of August were P350,000. Liabilities paid were P268,800. Supplementary charges were 86,350 and supplementary credits were P59,700. Cash balance at the beginning of the month was P10,500. What is the estate equity at the end of September? 116,150(35,150)(60,150)20,850
- 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. P750,000Accounting 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 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?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 net income (loss) during the quarter?5. An entity provided the following data for the year ended December 1, 2019: Retained earnings unappreciated, January 1 P2 000 000 Overdepreciation of 2018 due to prior period, net of tax 400 000 Net Income 3 000 000 Retained earnings appreciated for treasury shares (original balance is P500 000 but reduced by P200 000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies (beginning balance P700 000 but increased by current appreciation of P100 000) Cash dividends paid to shareholders Change in accounting policy from FIFO to a average-credit, net of tax • What is the balance of unappreciated retained earnings on December 31, 2019?
