Question
In: Accounting
The following data were taken from the statement of affairs for ABC Company Asset pledged for...
The following data were taken from the statement of affairs for ABC Company
Asset pledged for fully secured liabilities (fair value, P63,750) P 76,500
Asset pledged to partially secured liabilities (fair value, P44,200) 62,900
Free assets (fair value, P34,000) 59,500
Unsecured Liabilities with priority 5,950
Fully secured liabilities 25,500
Partially secured liabilities 51,000
Unsecured liabilities without priority 95,200
9. What is the total estimated deficiency to unsecured creditors?
10. How much is the amount paid to partially secured creditors?
Solutions
Expert Solution
Fair Value of asset pledged for fully secured liabilities = P63750
Less : Fully secured liabilities = 25500
Excess value of asset available over secured = P38250
Fair Value of asset pledged for partially secured liabilities = P44200
Less: Partially secured liabilities = 51000
Shortfall = -6800
Fair Value of free assets = P34000
Less : Unsecured Liabilities with priority = 5950
Excess available = 28050
Less :Unsecured liabilities without priority = 95200
Shortfall = -67150
Now, Excess value of asset available over secured = P38250
Less Shortfall of partially secured liabilities = 6800
Less : Shortfall of unsecured liabilities = 67150
Total estimated deficiency to unsecured creditors = P35700
Answer to 9 Total estimated deficiency to unsecured creditors = P35700
Answer to 10 The amount paid to partially secured creditors = P51000 (Shortfal from the assets realised adjusted with the excess available after meeting up the fully secured liabilities.
ekkarill92 answered 2 years agoRelated Solutions
The following data were taken from the records of a company &n
The following data were taken
from the records of a company
Period 1 Period
2 Period 2
Production
30,000
38,000
27,000
Sales
30,000
27,000
38,000
Opening
Stock
-
11,000
Closing
Stock
11,000
All the above in
Kgs
The firm makes a single
product the financial details of which are as follows (based on a
normal
activity level of 30,000
kgs).
Cost per Kg (£)
Direct
material
1.50
Direct
labour
1.00
Production...
The following data were taken from the balance sheet of Nilo Company at the end of...
The following data were taken from the balance sheet of Nilo
Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
$424,100
$324,000
Marketable securities
491,000
364,500
Accounts and notes receivable
(net)
200,900
121,500
Inventories
982,100
658,800
Prepaid expenses
505,900
421,200
Total current assets
$2,604,000
$1,890,000
Current liabilities:
Accounts and notes payable
(short-term)
$359,600
$378,000
Accrued liabilities
260,400
162,000
Total current liabilities
$620,000
$540,000
a. Determine for each year (1) the working
capital, (2)...
The following data were taken from the balance sheet of Nilo Company at the end of...
The following data were taken from the balance sheet of Nilo
Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
$340,500
$268,800
Marketable securities
394,200
302,400
Accounts and notes receivable
(net)
161,300
100,800
Inventories
1,056,000
683,200
Prepaid expenses
544,000
436,800
Total current assets
$2,496,000
$1,792,000
Current liabilities:
Accounts and notes payable
(short-term)
$371,200
$392,000
Accrued liabilities
268,800
168,000
Total current liabilities
$640,000
$560,000
a. Determine for each year (1) the working
capital, (2)...
The following data were taken from the balance sheet of Nilo Company at the end of...
The following data were taken from the balance sheet of Nilo
Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
$492,500
$403,200
Marketable securities
570,200
453,600
Accounts and notes receivable
(net)
233,300
151,200
Inventories
617,800
422,700
Prepaid expenses
318,200
270,300
Total current assets
$2,232,000
$1,701,000
Current liabilities:
Accounts and notes payable
(short-term)
$417,600
$441,000
Accrued liabilities
302,400
189,000
Total current liabilities
$720,000
$630,000
a. Determine for each year (1) the working
capital, (2)...
The following data were taken from the balance sheet of Nilo Company at the end of...
The following data were taken from the balance sheet of Nilo
Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
$297,200
$224,000
Marketable securities
344,100
252,000
Accounts and notes receivable
(net)
140,700
84,000
Inventories
880,400
658,800
Prepaid expenses
453,600
421,200
Total current assets
$2,116,000
$1,640,000
Current liabilities:
Accounts and notes payable
(short-term)
$266,800
$280,000
Accrued liabilities
193,200
120,000
Total current liabilities
$460,000
$400,000
a. Determine for each year (1) the working
capital, (2)...
The following data were taken from the balance sheet of Nilo Company at the end of...
The following data were taken from the balance sheet of Nilo
Company at the end of two recent fiscal years:
Current Year
Previous Year
Current assets:
Cash
$458,700
$347,200
Marketable securities
531,100
390,600
Accounts and notes receivable
(net)
217,200
130,200
Inventories
1,546,400
1,134,600
Prepaid expenses
796,600
725,400
Total current assets
$3,550,000
$2,728,000
Current liabilities:
Accounts and notes payable
(short-term)
$411,800
$434,000
Accrued liabilities
298,200
186,000
Total current liabilities
$710,000
$620,000
a. Determine for each year (1) the working
capital, (2)...
The following selected data were taken from the accounting records of Manitoba Manufacturing Company. The company...
The following selected data were taken from the accounting
records of Manitoba Manufacturing Company. The company uses
direct-labor hours as its cost driver for overhead costs.
Month Direct-Labor
Hours Manufacturing
Overhead
January 37,000 $
753,500
February 36,000
737,000
March 39,000
798,000
April 34,000
698,000
May 41,000 801,000
June 46,000 896,000
June’s costs consisted of machine supplies ($248,400),
depreciation ($31,000), and plant maintenance ($616,600). These
costs Exhibit the following respective behavior: variable, fixed,
and semivariable....
Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs...
Income Statement Indicating Standard Cost Variances
The following data were taken from the records of Griggs Company
for December:
Administrative expenses
$100,800
Cost of goods sold (at standard)
550,000
Direct materials price variance—unfavorable
1,680
Direct materials quantity variance—favorable
(560)
Direct labor rate variance—favorable
(1,120)
Direct labor time variance—unfavorable
490
Variable factory overhead controllable variance—favorable
(210)
Fixed factory overhead volume variance—unfavorable
3,080
Interest expense
2,940
Sales
868,000
Selling expenses
125,000
Prepare an income statement for presentation to management.
Enter all amounts...
Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs...
Income Statement Indicating Standard Cost Variances
The following data were taken from the records of Griggs Company
for December:
Administrative expenses
$100,800
Cost of goods sold (at standard)
550,000
Direct materials price variance—unfavorable
1,680
Direct materials quantity variance—favorable
(560)
Direct labor rate variance—favorable
(1,120)
Direct labor time variance—unfavorable
490
Variable factory overhead controllable variance—favorable
(210)
Fixed factory overhead volume variance—unfavorable
3,080
Interest expense
2,940
Sales
868,000
Selling expenses
125,000
Prepare an income statement for presentation to management.
Enter a favorable...
The following data were taken from the records of Colbern Company for the fiscal year ending...
The following data were taken from the records of Colbern
Company for the fiscal year ending on July 31, 2020.
Raw Material Inventory 8/1/2019 $19,200
Raw Material Inventory 7/31/2020 $15,840
Finished Goods Inventory 8/1/2019 $38,400
Finished Goods Inventory 7/31/2020 $30,360
Work In Process Inventory 8/1/2019 $7,920 \
Work In Process Inventory 7/31/2020 $7,440
Direct Labor $55,700
Indirect Labor $9,784
Accounts Receivable $10,800
Factory Insurance $1,840
Factory Machinery Depreciation $6,400
Factory Utilities $11,040
Office & Admin Utilities Expense $3,460
Office &...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Which subnet (network address) does host 25.17.102.51 255.255.248.0 belong to?
- Joe Dokes retired today with $1,000,000 in his retirement nest egg. If he followed a cash...
- how is biopsychosocial compatiable model in the future.
- Give at least 5 nursing interventions (with rationale) of nursing diagnosis: Health-seeking behaviors related to patient’s...
- The Wall Street Wizard Co. sold a stock market investing plan through the mail that made...
- Rotating bits in C This rotates bits to the left which means the bits that were...
- Implement a method that meets the following requirements: (a) Takes as parameter 1) an int array...
ADVERTISEMENT