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From the data given, what is the total amount of assets to be realized in the Statement of Realization and Liquidation at the beginning of April if in the statement of realization and liquidation of Shark Corporation, the following data are ascertained for the month of March:- Interests not accrued for the month were for the notes receivable 4,000, for the note payable 8,000 and for the mortgage payable P15.000.- The mortgage payable together with its respective interests was paid.- 13 of the existing accounts receivable at the beginning of the of the month was collected at 8,000 and the balance to be collected next month.- P40.000 of the total inventories were sold for 60,000 cash.- Only P36.000 was collected out of total amount of the note receivable collected as of March 1, included in the amount collected was the related interest on the notes.- Furniture were sold tor P17,000.- Administrative expenses of P18,000 was paid.- Wages Payable was paid.- Additional credit sales (to be collected' next month) amounting to P54.000 were made for the remaining inventories- All non-cash assets not mentioned above will be sold or collected next month. Shark Corporation provided the following balances in March 1, 20x9: Cash Accounts Accounts receivable Inventories Notes receivable Equipment Furniture Machinery 161,500 30,000 85,000 60,000 42,000 26,000 40,000 Wages payable Таx рayable Note payable Mortgage Share capital Deficit 80,000 25,000 15,000 80,000 150,000 150,000 (55,500) 444,500 Total 444,500 Total

From the data given, what is the total amount of assets to be realized in the Statement of Realization and Liquidation at the beginning of April if in the statement of realization and liquidation of Shark Corporation, the following data are ascertained for the month of March:- Interests not accrued for the month were for the notes receivable 4,000, for the note payable 8,000 and for the mortgage payable P15.000.- The mortgage payable together with its respective interests was paid.- 13 of the existing accounts receivable at the beginning of the of the month was collected at 8,000 and the balance to be collected next month.- P40.000 of the total inventories were sold for 60,000 cash.- Only P36.000 was collected out of total amount of the note receivable collected as of March 1, included in the amount collected was the related interest on the notes.- Furniture were sold tor P17,000.- Administrative expenses of P18,000 was paid.- Wages Payable was paid.- Additional credit sales (to be collected' next month) amounting to P54.000 were made for the remaining inventories- All non-cash assets not mentioned above will be sold or collected next month. Shark Corporation provided the following balances in March 1, 20x9: Cash Accounts Accounts receivable Inventories Notes receivable Equipment Furniture Machinery 161,500 30,000 85,000 60,000 42,000 26,000 40,000 Wages payable Таx рayable Note payable Mortgage Share capital Deficit 80,000 25,000 15,000 80,000 150,000 150,000 (55,500) 444,500 Total 444,500 Total

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section: Chapter Questions
Problem 1MP
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From the data given, what is the total amount of assets to be realized in the Statement of Realization and Liquidation at the beginning of April if in the statement of realization and liquidation of Shark Corporation, the following data are ascertained for the month of March:- Interests not accrued for the month were for the notes receivable 4,000, for the note payable 8,000 and for the mortgage payable P15.000.- The mortgage payable together with its respective interests was paid.- 13 of the existing accounts receivable at the beginning of the of the month was collected at 8,000 and the balance to be collected next month.- P40.000 of the total inventories were sold for 60,000 cash.- Only P36.000 was collected out of total amount of the note receivable collected as of March 1, included in the amount collected was the related interest on the notes.- Furniture were sold tor P17,000.- Administrative expenses of P18,000 was paid.- Wages Payable was paid.- Additional credit sales (to be collected' next month) amounting to P54.000 were made for the remaining inventories- All non-cash assets not mentioned above will be sold or collected next month. Shark Corporation provided the following balances in March 1, 20x9: Cash 161,500 Accounts Wages payable Тах раyable Note payable Mortgage Share capital Deficit 80,000 25,000 15,000 80,000 150,000 150,000 (55,500) 444,500 Accounts receivable 30,000 85,000 60,000 42,000 26,000 40,000 Inventories Notes receivable Equipment Furniture Machinery Total 444,500 Total
Transcribed Image Text:From the data given, what is the total amount of assets to be realized in the Statement of Realization and Liquidation at the beginning of April if in the statement of realization and liquidation of Shark Corporation, the following data are ascertained for the month of March:- Interests not accrued for the month were for the notes receivable 4,000, for the note payable 8,000 and for the mortgage payable P15.000.- The mortgage payable together with its respective interests was paid.- 13 of the existing accounts receivable at the beginning of the of the month was collected at 8,000 and the balance to be collected next month.- P40.000 of the total inventories were sold for 60,000 cash.- Only P36.000 was collected out of total amount of the note receivable collected as of March 1, included in the amount collected was the related interest on the notes.- Furniture were sold tor P17,000.- Administrative expenses of P18,000 was paid.- Wages Payable was paid.- Additional credit sales (to be collected' next month) amounting to P54.000 were made for the remaining inventories- All non-cash assets not mentioned above will be sold or collected next month. Shark Corporation provided the following balances in March 1, 20x9: Cash 161,500 Accounts Wages payable Тах раyable Note payable Mortgage Share capital Deficit 80,000 25,000 15,000 80,000 150,000 150,000 (55,500) 444,500 Accounts receivable 30,000 85,000 60,000 42,000 26,000 40,000 Inventories Notes receivable Equipment Furniture Machinery Total 444,500 Total
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