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 ₱515,625 Supplementary credits 796,875 Liabilities to be liquidated 843,750 Supplementary charges 731,250 Liabilities liquidated 562,500 Assets acquired 562,500 Assets realized

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 ₱515,625 Supplementary credits 796,875 Liabilities to be liquidated 843,750 Supplementary charges 731,250 Liabilities liquidated 562,500 Assets acquired 562,500 Assets realized

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 98.3C

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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? ______________
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 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?
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
The 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
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? 425,250 454,125 401,625 408,675
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)
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:
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 statement of realization and liquidation of ABC Corp are as follows: Assets to be realized P1,800,000 Assets acquired 300,000 Assets realized 1,100,000 Assets not realized 1,200,000 Liabilities liquidated 1,600,000 Liabilities not liquidated P1,400,000 Liabilities assumed 1,500,000 Liabilities to be liquidated 2,000,000 Supplementary credits 1,950,000 Supplementary charges 2,500,000 Additional ordinary shares issued for cash during the year totaled P500,000. What is the ending balance of cash account assuming that Ordinary Share, beginning is P1,500,000 and deficit, ending is P400,000?
A statement of financial affairs created for an insolventcorporation that is beginning the process of liquidation disclosesthe following data (assets are shown at net realizable values): Assets pledged withfully secured creditors $ 220,000 Fully securedliabilities 160,000 Assets pledged withpartially secured creditors 390,000 Partially securedliabilities 510,000 Assets notpledged 310,000 Unsecuredliabilities with priority 182,800 Accounts payable(unsecured) 400,000 a. This company owes $13,000 to an unsecured creditor (withoutpriority). How much money can this creditor expect to collect? b. This company owes $120,000 to a bank on a note payable that issecured by a security interest attached to property with anestimated net realizable value of $90,000. How much money can thisbank expect to collect?