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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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