Use the following information for the next three questions:Rainy Co.'s financial position before its liquidation is as follows:• 90% of the accounts receivable were collected. Commission ofexpect to collect the remaining receivables in the next quarter.third party collectors amounted to P108,000. The collectorsASSETSLIABILITIES AND EQUITYCashAccounts receivableInventoryEquipment, netTotal100,000 Accounts payable600,000 Loan payable900,000 Share capital400,000 Retained earnings (deficit)2,000,000 Total1,600,001,500,0002,000,00(3,100,0002,0000Transactions in the first quarter of liquidationare as follows: Liquidation costs of P50,000 were paid.P80,000 of that amount were paid.Corpeother half is expected to be sold at 60% of carrying amount.Half of the inventory was sold at 80% of carrying amount. TheEmployee termination benefits of P100,000 were recorded andwas sold for P380,000 after it was refurbishedThe equipmentfor P50,000.P100.000 accounts payable were paid. The balance remainsoutstanding.The lender accepted P1,000,000 as full payment of the loan.Serap materials from clearing the warehouse were sold forP10,000.S How much "liabilities liquidated" is presented on Rainy'sstatement of realization and liquidation?c. 1,180,000a. 3,100,000b. 1,290,000d. 1,520,0009. How much net gain (loss) is reported on Rainy's statement ofrealization and liquidation?a. 192,000b. 178,000c. (178,000)d. (192,000)

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S How much "liabilities liquidated" is presented on Rainy's statement of realization and liquidation? c. 1,180,000 a. 3,100,000 b. 1,290,000 d. 1,520,000

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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