The results of liquidation are summarized below. Realization Book Value Cash Realized Expenses of Cash Wheld at end Liability Realization of month for estd. Paid Future exps. January 12,000 10,500 500 2,000 4,000 February 7,000 6,000 750 1,250 2,000 March 15,000 10,000 600 500 April 12,000 4,000 400 All cash available, except the amount withheld for future expenses, is distributed at the end of each month. Required: Detem ine the share of each partner every month of distribution.

The results of liquidation are summarized below. Realization Book Value Cash Realized Expenses of Cash Wheld at end Liability Realization of month for estd. Paid Future exps. January 12,000 10,500 500 2,000 4,000 February 7,000 6,000 750 1,250 2,000 March 15,000 10,000 600 500 April 12,000 4,000 400 All cash available, except the amount withheld for future expenses, is distributed at the end of each month. Required: Detem ine the share of each partner every month of distribution.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...

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The following data were taken from the statement of realization and liquidation of Rise Heart Company for the quarter ended September 30, 2021. 000.0 Liabilities to be liquidated Supplementary credits Liabilities not liquidated Supplementary debits Assets acquired Liabilities assumed P1,825,000 845,000 1,000,000 620,500 880,500 770,000 8- 737,500 Assets to be realized lopiJ bas noitesilso wolad ew 875,000 1,595,000 Assets realized Liabilities liquidated The beginning balances of ordinary shares and retained earnings are P520,000 and P(148,000), respectively. The net income for the period is P104,500. How much is the ending cash balance? 000,.08 botsl
The statement of realization and liquidation of Honesty Co. are as follows: P1,700,000 Liabilities not liquidated Liabilities assumed Assets to be realized Assets acquired Assets realized Assets not realized Liabilities liquidated 300,000 1,100,000 1,200,000 1,600,000 Liabilities to be liquidated Supplementary charges Supplementary credits P1,400,000 1,500,000 2,000,000 2,500,000 1,950,000 What is the beginning balance of cash account assuming that Ordinary Share Capital is P1,500,000 and deficit, ending is P400,000?
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 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?
Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.
QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net Assets
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
The following data were taken from the statement of realization and liquidation of DLR Corporation for the quarter that ended September 30, 2022: Assets to be realized Assets acquired Assets Realized Assets not realized Liabilities to be liquidated Liabilities assumed Liabilities liquidated Liabilities not liquidated Supplementary credits Supplementary charges 495,000 540,000 630,000 225,000 810,000 270,000 305,000 675,000 765,000 937,000 As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is P432,000. No additional shares were issued after that date. b. (252,000) c. (315,000) d. 315,000 20. What is the ending cash balance? a. 1,305,000 b. 840,000 c. 1,050,000 d. 1,080,000 19. What is the net income (loss) for the period? a. 252,000
Pitch Co. is undergoing liquidation. Infórmation on Pitch Co.. assets and liabilities is shown below: Вook value Realizable value ASSETS 1,000,000 500,000 1,300,000 Assets pledged to fully secured creditors Assets pledged to partially secured creditors 300,000 1,600,000 1,280,000 Free assets 3,100,000 2,880,000 LIABILITIES Unsecured liabilities with priority 400,000 480,000 1,000,000 1,050,000 Fully secured creditors Partially secured creditors Unsecured creditors without priority 650,000 650,000 1,400,000 3,580,000 1,400,000 3,450,000 1. What is the estimated recovery percentage of unsecured creditors without priority? а. 60% b. 75% с. 78% d. 80%
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 items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Veltri Incorporated has the following assets and liabilities (assets are stated at net realizable value): $ 80,000 70,000 180,000 40,000 95,000 55,000 225,000 Assets pledged with secured creditors Assets pledged with partially secured creditors Other assets Secured liabilities Partially secured liabilities Liabilities with priority Unsecured liabilities In a liquidation, what is the amount of free assets after payment of liabilities with priority? Multiple Choice $180,000 $165,000 $70,000 $95,000 $160,000