The following data are provided by Coach Sarah Company: Assets at book value P750,000 Assets at net realizable value 525,000 Fully secured mortgage 300,000 Unsecured accounts and notes payable 350,000 Unrecorded liabilities: Interest on bank notes 2,500 Estimated cost of administering estate 30,000 What is the estimated deficienc

The following data are provided by Coach Sarah Company: Assets at book value P750,000 Assets at net realizable value 525,000 Fully secured mortgage 300,000 Unsecured accounts and notes payable 350,000 Unrecorded liabilities: Interest on bank notes 2,500 Estimated cost of administering estate 30,000 What is the estimated deficienc

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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Question

The following data are provided by Coach Sarah Company:

Assets at book value
P750,000

Assets at net realizable value
525,000

Fully secured mortgage
300,000

Unsecured accounts and notes payable
350,000

Unrecorded liabilities:

Interest on bank notes
2,500

Estimated cost of administering estate
30,000

What is the estimated deficiency?

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