Dd1.Please help this is the 4th time I have posted this question. The ones with checks are CORRECT, I need help with the red X entries RequiredCompute the estimated deficiency to unsecured creditors.Do not use negative signs with any of your answers below.Assets pledged to fully-secured creditorsLess: Liabilities to fully-secured creditorsAvailable as free assetsUnpledged assetsLess: Unsecured liabilities with priorityNet free assetsLiabilities to partially-secured creditorsLess: Assets pledged to partially-secured creditorsUnsecured portionUnsecured liabilitiesTotal unsecured liabilitiesEstimated deficiency to unsecured creditorsSSSSS85,0000x0x0x125,0000 x50,000 ✓35,000 ✓15,000 ✓980,000 ✓995,0000 x Deficiency to Unsecured CreditorsConsider the following information for Evans, Inc. when the company entered bankruptcy proceedings:Balance per BooksDr (Cr)AccountCashAccounts receivableInventoryPrepaid expensesBuildings, netEquipment, netGoodwillWages payableTaxes payableAccounts payableNotes payableCommon stockRetained earnings-deficitTotal$30,500600,000100,00014,200800,000125,000100,000(80,000)(45,000)(980,000)(305,000)(800,000)440,30050Inventory with a book value of $240,000 and realizable value of $35,000 is security for notes payable of $50,000. The equipment secures the remaining notes payable. Expected realizable valuesof the assets are:Accounts receivable $400,000Inventory150,000Buildings340,000Equipment75,000The prepaid expenses and goodwill have a realizable value of zero. The entire wages payable balance is a priority liability.

Liquidation is the legal process by with the company comes to an end. A company comes into being…

Buildings, net Equipment, net Goodwill Wages payable Taxes payable Accounts payable Notes payable Common stock Retained earnings-deficit Total 800,000 125,000 100,000 (80,000) (45,000) (980,000) (305,000) (800,000) 440,300 50 Inventory with a book value of $240,000 and realizable value of $35,000 is security for notes payable of $50,000. The equipment secures the remaining notes payable. Expected realizable valu of the assets are: Accounts receivable $400,000 Inventory 150,000

Buildings, net Equipment, net Goodwill Wages payable Taxes payable Accounts payable Notes payable Common stock Retained earnings-deficit Total 800,000 125,000 100,000 (80,000) (45,000) (980,000) (305,000) (800,000) 440,300 50 Inventory with a book value of $240,000 and realizable value of $35,000 is security for notes payable of $50,000. The equipment secures the remaining notes payable. Expected realizable valu of the assets are: Accounts receivable $400,000 Inventory 150,000

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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u Online Cour X (78) Whats x M Your AccoL X M Inbox (2,74 X SP2021-AC X Answered: Ek My Home * CengageN X Bartleby Q x + D X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FMovies | Watch M. BIO201 Connect 10. M Gmail > YouTube Fourth Homework O eBook Patents 6. MC.12.06 Instructions Chart Of Accounts General Journal 7. MC.12.07 Instructions 8. MCС.12.08 Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, $72,000. The patent has a remaining legal life of 9 years. 9. МC.12.09 Required: 10. MC.12.10 Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the 11. RE.12.01.BLANKSHEET straight-line method over the life of the asset. 12. RE.12.02 13. RE.12.03.BLANKSHEET 14. RE.12.04.BLANKSHEET 15. RE.12.05.BLANKSHEET 16. RE.12.06.BLANKSHEET 17. RE.12.07.BLANKSHEET 18. RE.12.08 O V I 12:52
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ne File Edit View History Bookmarks Profiles Tab Window Help M Inbox (2 x MACC101 x (4726) || X Account x| Account X WiConnec× M Question X Content c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 Chapter 7 Quiz i 7 7.58 points Ask Mc Graw Hill Saved QS 7-13 (Algo) Indicating journals used for posting LO P1, P2, P3, P4 The following T-accounts show postings of selected transactions. Indicate the journal used in recording each of these postings a through e. Cash Accounts Receivable Inventory Debit (d) 700 Credit (e) Debit 340 (b) 1,700 Credit (d) Debit Credit 700 (a) 1,520 (c) 1,040 Accounts Payable Sales Debit (e) 340 Credit (a) Debit 1,520 Credit (b) Cost of Goods Sold Credit Debit 1,700 (c) 1,040 Transaction a. b. C. d. e. Journal 12.020 ANE 18 tv A
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Answered: The fo x b Details | bartleby x b My Questions |b x Post Altendee -2 x FA Midterm Exan X -> File | C:/Users/Wendy/Downloads/FA%20Midterm%20Exam.pdf ME6 Which of the following entries records the payment of an account payable? a) Debit Accounts Payable, credit Cash b) Debit Cash, credit Accounts Payable c) Debit Expense, credit Cash d) Debit Cash, credit Expense ME7 The process of initially recording a business transaction is called: a) Sliding b) Posting c) Journalizing d) Transposing ME8 Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr, Revenue Cr c) Fees Earned, debit; Cash credit d) Cash, debit; Bank Cr ME9 The verification that the sum of the debits and the sum of the credits in the ledger are equal is called: a) A journal b) A ledger c) Posting Type here to search
ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…
Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3 Analysis and Calculation: 1) Gold Medal Athletic Co., Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet 1,200 units $40 $ 48,000 Football helmet 6,500 units $160 $1,040,000 Total revenue from sales $ 1,088,000 2) Production Budget: Batting Football Helmet Helmet Expected units to be sold 1,200 6,500 Add: desired Ending inventory 50 220 Total 1,250 6,720 Less: Beginning estimated inventory 40 240 Total…
Duiz - Connex a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Ffaytechcc.blackboard.com%2.. User Management,. https://outlook.off. O FES Protection Plan System 7 - North C.. Saved Help Seve & Exit Su On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms of 2/15, n/45. On October 3, Jerry's returns $1,700 of the merchandise. Assuming a periodic inventory system is used and Jerry's pays the remaining amount owed on the purchase within the discount period, Jerry's journal entry to record the payment, would include Multiple Cholce a deblt to Accounts Payable for $7,000. a debit to Accounts Recelvable for $7.000. a debit to Purchases Discounts for $140. a debit to Merchandise Inventory for $140,