Logan's July 1 balance sheet after the quasi-reorganization should show total assets of _________ 5. Assuming that the share dividends declared in item f was 20%, what is the amount debited to retained earnings as aresult of the declaration of stock dividends?PROBLEM 3: Logan Corp. has incurred losses from operations for many years. At the recommendation of the newlyhired president, the board of directors noted to implement a quasi-reorganization, subject to the stockholders' andcreditors' approval. Immediately, prior to the quasi-reorganization, on June 30, 2016, Logan's balance sheet was asfollows:AssetsCurrent assetsP1,375,000Property, plant and equipmentOther noncurrent assets3,375,000500,000P5,250,000Total assetsLiabilities and Stockholders' EquityTotal liabilitiesP1,500,000Ordinary shares, P10 par valueAdditional paid-in capitalDeficit4,000,000750,000(1,000,000)Total liabilities and stockholders' equityP5,250,000The stockholders and creditors approved the quasi-reorganization effective July 1, 2016, to be accomplished by areduction in property, plant, and equipment (net) P875,000, a reduction in other noncurrent assets of P375,000, and areduction in par value from P10 to P5.1. Logan's July 1 balance sheet after the quasi-reorganization should show total assets of2. The balance in the Additional paid-in capital after the quasi-reorganization on July 1, is3. Logan's deficit after the quasi-reorganization on July 1, 2016, should be

as per your requirement balance of total assets after quasi-reorganization are as follows

Answered: Logan's July 1 balance sheet after the…

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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Logan's July 1 balance sheet after the quasi-reorganization should show total assets of _________

5. Assuming that the share dividends declared in item f was 20%, what is the amount debited to retained earnings as a
result of the declaration of stock dividends?
PROBLEM 3: Logan Corp. has incurred losses from operations for many years. At the recommendation of the newly
hired president, the board of directors noted to implement a quasi-reorganization, subject to the stockholders' and
creditors' approval. Immediately, prior to the quasi-reorganization, on June 30, 2016, Logan's balance sheet was as
follows:
Assets
Current assets
P1,375,000
Property, plant and equipment
Other noncurrent assets
3,375,000
500,000
P5,250,000
Total assets
Liabilities and Stockholders' Equity
Total liabilities
P1,500,000
Ordinary shares, P10 par value
Additional paid-in capital
Deficit
4,000,000
750,000
(1,000,000)
Total liabilities and stockholders' equity
P5,250,000
The stockholders and creditors approved the quasi-reorganization effective July 1, 2016, to be accomplished by a
reduction in property, plant, and equipment (net) P875,000, a reduction in other noncurrent assets of P375,000, and a
reduction in par value from P10 to P5.
1. Logan's July 1 balance sheet after the quasi-reorganization should show total assets of
2. The balance in the Additional paid-in capital after the quasi-reorganization on July 1, is
3. Logan's deficit after the quasi-reorganization on July 1, 2016, should be

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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