The balance sheet of the Breakthrough enterprises at June 1, 2013 follows. At this date, an interim trustee was appointed by SEC to assume control of Breakthrough's estate and liquidate the distressed corporation. Cash AR, Net Inventories Land Building, net Intangible assets Total P16,000 32,000 144,000 80,000 400,000 104,000 776,000 Accounts Payable Notes Payable - unsecured Deferred Revenue Wages payable Mortgage Payable Capital Stock RE (Deficit) Total 200,000 160,000 4,000 12,000 320,000 160,000 (80,000) 776,000 Additional information: a. The land and buildings are pledged as security for mortgage payable b. In January 1, 2013, Breakthrough received P4,000 from a customer as payment in advance for merchandise that is no longer marketed. Activities of the trustee during June are summnarised as follows:

The balance sheet of the Breakthrough enterprises at June 1, 2013 follows. At this date, an interim trustee was appointed by SEC to assume control of Breakthrough's estate and liquidate the distressed corporation. Cash AR, Net Inventories Land Building, net Intangible assets Total P16,000 32,000 144,000 80,000 400,000 104,000 776,000 Accounts Payable Notes Payable - unsecured Deferred Revenue Wages payable Mortgage Payable Capital Stock RE (Deficit) Total 200,000 160,000 4,000 12,000 320,000 160,000 (80,000) 776,000 Additional information: a. The land and buildings are pledged as security for mortgage payable b. In January 1, 2013, Breakthrough received P4,000 from a customer as payment in advance for merchandise that is no longer marketed. Activities of the trustee during June are summnarised as follows:

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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