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s Fr Note payable plus accrued interest... Cash... ACCounts receivable-net Inventories.... Equipment-net.... Total assets.. ACCOunts payable... Rent payable... Wages payable. . Book Value P 3,000 72,000 60,000 165,000 P300.000 P 72,000 21,000 45,000 96,000 180,000 (120,000) P300.000 Estimated Net Realizable Values P 3,000 48,000 72,000 87,000 P210.000 Capital stock... Retained earnings (deficit).. Total liabilities and equity..

s Fr Note payable plus accrued interest... Cash... ACCounts receivable-net Inventories.... Equipment-net.... Total assets.. ACCOunts payable... Rent payable... Wages payable. . Book Value P 3,000 72,000 60,000 165,000 P300.000 P 72,000 21,000 45,000 96,000 180,000 (120,000) P300.000 Estimated Net Realizable Values P 3,000 48,000 72,000 87,000 P210.000 Capital stock... Retained earnings (deficit).. Total liabilities and equity..

FINANCIAL ACCOUNTING
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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DOwn Dog Corporation filed a petition under for bankruptcy on June 30, 2014. Data relevant to Note payable plus accrued interest. . Il- Statement of Affairs Cash.. ACCOunts receivable-net Inventories.. Equipment-net.. Total assets... AcCounts payable.. Rent payable.. Wages payable... Book Value P 3,000 72,000 60,000 165,000 P300.000 P 72,000 21,000 45,000 96,000 180,000 (120,000) P300.000 Estimated Net Realizable Values P 3,000 48,000 72,000 87,000 P210.000 Capital stock.... Retained earnings (deficit)... Total liabilities and equity... Required: qu Prepare a statement of affairs assuming that the note payable and interest are secured by a mortgage on the equipment. . Estimate the amount that will be paid to each class of claims if priority liquidation expenses including trustee fees are P24,000 and estimated net realizable values are actually realized.
Transcribed Image Text:DOwn Dog Corporation filed a petition under for bankruptcy on June 30, 2014. Data relevant to Note payable plus accrued interest. . Il- Statement of Affairs Cash.. ACCOunts receivable-net Inventories.. Equipment-net.. Total assets... AcCounts payable.. Rent payable.. Wages payable... Book Value P 3,000 72,000 60,000 165,000 P300.000 P 72,000 21,000 45,000 96,000 180,000 (120,000) P300.000 Estimated Net Realizable Values P 3,000 48,000 72,000 87,000 P210.000 Capital stock.... Retained earnings (deficit)... Total liabilities and equity... Required: qu Prepare a statement of affairs assuming that the note payable and interest are secured by a mortgage on the equipment. . Estimate the amount that will be paid to each class of claims if priority liquidation expenses including trustee fees are P24,000 and estimated net realizable values are actually realized.
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