King Company has assets of $70,000 and liabilities of $25,000. What is the amount of King's claims?
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- How much claim against the insolvent person is deductible from the gross estate?Amount of claim against the debtor, P500,000Total assets of the debtor, P5,000,000Total liabilities of the debtor, P8,000,0001) The total assets of Best Service is P500,000. Twenty percent (20%) represents the claim of the owner. Its liability, therefore is: a. P100,000 b. P400,000 c. P500,000 d. None 2) The owner’s capital is P50,000. The creditors have 60% claim on the total assets. The correct amount of assets would be: a. P 83,333 b. P 80,000 c. P 30,000 d. P125,000Coop Incorporated has the following assets and liabilities (assets are stated at net realizable value): Assets pledged with secured creditors $ 80,000 Assets pledged with partially secured creditors 70,000 Other assets 180,000 Secured liabilities 40,000 Partially secured liabilities 95,000 Liabilities with priority 55,000 Unsecured liabilities 225,000 In a liquidation, what is the amount of free assets after payment of liabilities with priority? A. $180,000 B. $165, 000 C. $70,000 D. $95,000 E. $160,000
- 38. The current asset section of a balance sheet most likely will include: a. goodwill arising in a business combination accounted for as acquisition b. all deferred income taxes resulting from interperiod income tax allocation c. rent receivable for a security deposit on a lease d. a receivable from a customer not collectible for over one yearWhich of the following situations describes a person who could be insolvent? Multiple Choice Assets $56,200; annual expenses $60,800 Assets $78,200; net worth $22,800 Liabilities $45,200; net worth $6,800 Assets $40,200; liabilities $45,800 Annual cash inflows $45,200; liabilities $50,800Which of the following is correct about non-trade receivables being classified as current assets?a. non-trade receivables are classified as current assets if these are collectible within one year or the company's normal operating cycle. whichever is shorter.b. non-trade receivables are classified as current assets if these are collectible within the company's normal operating cyclec. non-trade receivables are classified as current assets if these are collectible within one yeard. non-trade receivables are classified as current assets if these are collectible within one year or the company's normal operating cycle, whichever is longer.e. non-trade receivables are never classified as current assets.
- 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 $160,000Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? a. the total costb. the accumulated amortizationc. the amortization expensed. the estimated amortization expense for the next ten yearsRefer 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.
- If current assets are P90,000 and total assets are P270,000, what percentage of total assetsare current assets?Wickum Corporation reports under IFRS, and recognized a $500,000 impairment of an HTM debt investment in Right Corporation. Subsequently, the credit loss for Wickum’s investment decreased by $300,000. How would Wickum account for that change?The statement of affairs of Darrell Putix Co. indicates that unsecured creditors without priority with total claims of P720,000 may expect to recover only P288,000 after all the assets were sold. Among the creditors of Darrell Putix Co. are the following: Government – taxes payable of P400,000, inclusive of P80,000 assessments and surcharges. • XYZ bank – loan payable of P4,000,000 and accrued interest of P200,000, backed by collateral security with realizable value of P4,800,000. • Alpha Financing Co. - loan payable of P3,200,000 backed by collateral security with realizable value of P2,000,000. Mr. Bombay – loan payable of P1,000,000 and accrued interest of P200,000. No collateral security. How much is the expected recovery of partially secured creditors?
