When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: P 80,000 Current Assets (net realizable value, P50,000) Land and Building (fair value, P240,000) Goodwill (fair value, 0) 200,000 40,000 Total Assets P320,000 Accounts Payable Mortgage Payable (secured by land & building) 200,000 Ordinary share P160,000 100,000 Accumulated profits Total Liabilities and Equity (140,000) P320,000 What percentage of their claims are the unsecured creditors likely to get?

When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: P 80,000 Current Assets (net realizable value, P50,000) Land and Building (fair value, P240,000) Goodwill (fair value, 0) 200,000 40,000 Total Assets P320,000 Accounts Payable Mortgage Payable (secured by land & building) 200,000 Ordinary share P160,000 100,000 Accumulated profits Total Liabilities and Equity (140,000) P320,000 What percentage of their claims are the unsecured creditors likely to get?

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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