The information below is related to GREEK Corporation, which is in bankruptcy liquidation as of July 31, 2011: a. Assets which there are no claims amount to P100, 000. b. Unsecured claims of all classes. P150, 000. c. Some of the details of the claims outstanding are as follows: An unrecorded note for P20, 000 with P600 accrued interest. Unpaid salaries of employees. P16, 930. • A note amounting to P40, 000 inclusive of P4, 000 interest, secured by P50, 000 receivable, estimated to be 60% collectible. • A P250, 000 note secured by a property with a book value of P250, 000 and market value of P280, 0. • Property taxes and income taxes payable of P30, 000. 5. Compute the estimated payment to partially secured creditors. В. Р31, 800 A. P83, 070 С. Р34, 600 D. P35, 422

The information below is related to GREEK Corporation, which is in bankruptcy liquidation as of July 31, 2011: a. Assets which there are no claims amount to P100, 000. b. Unsecured claims of all classes. P150, 000. c. Some of the details of the claims outstanding are as follows: An unrecorded note for P20, 000 with P600 accrued interest. Unpaid salaries of employees. P16, 930. • A note amounting to P40, 000 inclusive of P4, 000 interest, secured by P50, 000 receivable, estimated to be 60% collectible. • A P250, 000 note secured by a property with a book value of P250, 000 and market value of P280, 0. • Property taxes and income taxes payable of P30, 000. 5. Compute the estimated payment to partially secured creditors. В. Р31, 800 A. P83, 070 С. Р34, 600 D. P35, 422

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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Aa.47.
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