The accountant of DD Corp. prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P700,000. Unsecured claims of all classes totaled to P1,050,000. The following data are claims deemed outstanding: Accrued salaries P15,000; Unrecorded note for P10,000 on which P600 of interest has accrued held by Norway Corp; A note for P30,000 secured by P40,000 receivable, estimated to be 60% collectible held by JJ Co.; A P15,000 note, on which P300 interest has accrued held by Jay Real Estate Co with a book value of P10,000 and a market value of P18,000 is pledged to guarantee payment of principal and interest; Unpaid income taxes of P35,000. Compute for the amount realized by partially secured creditors

The accountant of DD Corp. prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P700,000. Unsecured claims of all classes totaled to P1,050,000. The following data are claims deemed outstanding: Accrued salaries P15,000; Unrecorded note for P10,000 on which P600 of interest has accrued held by Norway Corp; A note for P30,000 secured by P40,000 receivable, estimated to be 60% collectible held by JJ Co.; A P15,000 note, on which P300 interest has accrued held by Jay Real Estate Co with a book value of P10,000 and a market value of P18,000 is pledged to guarantee payment of principal and interest; Unpaid income taxes of P35,000. Compute for the amount realized by partially secured creditors

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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