a. 47%b. 48%c. 67%d. 50% Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April 30, 2011. Thestatement of financial position on that date shows:AssetsLiabilitiesCashP 2,700 Accounts PayableP 52,500Accounts Receivable39,350 Notes Payable - PNB18,500 Notes Payable - Suppliers87,850 Accrued Wages15,000Notes Receivable51,2501,8504,65090,000InventoriesPrepaid ExpensesLand and Buildings950 Accrued Taxes61,250 Mortgage Bond Payable48,800 Ordinary Share - P100 parEquipment75,000Accumulated Profit (Deficit) (30,850)P259,400P259,400Accounts receivable of P16,110 and notes receivable of P12,500 are expected to be collectible. The good notes arepledged to Phil. National Bank. Inventories are expected to bring in P45,100 when sold under bankruptcy conditions.Land and building have an appraised value of P95,000. They serve as security on the bonds. The current value of theequipment, net of disposal cost is P9,000. The expected recovery percentage rounded off is:

Recovery percentage is calculated by the dividing the actual amount collected by total amount which…

Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April 30, 2011. The statement of financial position on that date shows: Assets Liabilities P 2,700 Accounts Payable 39,350 Notes Payable - PNB Cash P 52,500 Accounts Receivable 15,000 Notes Receivable 18,500 Notes Payable - Suppliers 87,850 Accrued Wages 51,250 1,850 4,650 Inventories Prepaid Expenses Land and Buildings Equipment 950 Accrued Taxes 61,250 Mortgage Bond Payable 48,800 Ordinary Share - P100 par 90,000 75,000 Accumulated Profit (Deficit) (30,850) P259,400 P259,400 Accounts receivable of P16,110 and notes receivable of P12,500 are expected to be collectible. The good notes are pledged to Phil. National Bank. Inventories are expected to bring in P45,100 when sold under bankruptcy conditions. Land and building have an appraised value of P95,000. They serve as security on the bonds. The current value of the equipment, net of disposal cost is P9,000. The expected recovery percentage rounded off is:

Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April 30, 2011. The statement of financial position on that date shows: Assets Liabilities P 2,700 Accounts Payable 39,350 Notes Payable - PNB Cash P 52,500 Accounts Receivable 15,000 Notes Receivable 18,500 Notes Payable - Suppliers 87,850 Accrued Wages 51,250 1,850 4,650 Inventories Prepaid Expenses Land and Buildings Equipment 950 Accrued Taxes 61,250 Mortgage Bond Payable 48,800 Ordinary Share - P100 par 90,000 75,000 Accumulated Profit (Deficit) (30,850) P259,400 P259,400 Accounts receivable of P16,110 and notes receivable of P12,500 are expected to be collectible. The good notes are pledged to Phil. National Bank. Inventories are expected to bring in P45,100 when sold under bankruptcy conditions. Land and building have an appraised value of P95,000. They serve as security on the bonds. The current value of the equipment, net of disposal cost is P9,000. The expected recovery percentage rounded off is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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