Alpha Corporation, about to be liquidated, has the following amounts for its assets and liabilities:   Book Value Net Realizable Value Current assets $ 225,000 $ 180,000 Land 80,000 100,000 Building 560,000 450,000 Equipment 250,000 120,000 Accounts payable 200,000   Income taxes payable 80,000   Mortgage payable 600,000   Note payable 75,000   The mortgage is secured by the land and building, and the note payable is secured by the equipment. Alpha expects that the expenses of administering the liquidation will total $45,000. Required: How much should Alpha expect to pay on the accounts payable?

Pitch Co. is undergoing liquidation. Infórmation on Pitch Co.. assets and liabilities is shown below: Вook value Realizable value ASSETS 1,000,000 500,000 1,300,000 Assets pledged to fully secured creditors Assets pledged to partially secured creditors 300,000 1,600,000 1,280,000 Free assets 3,100,000 2,880,000 LIABILITIES Unsecured liabilities with priority 400,000 480,000 1,000,000 1,050,000 Fully secured creditors Partially secured creditors Unsecured creditors without priority 650,000 650,000 1,400,000 3,580,000 1,400,000 3,450,000 1. What is the estimated recovery percentage of unsecured creditors without priority? а. 60% b. 75% с. 78% d. 80%

Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position? *   P1,300,000 P1,000,000 P900,000 P0 answer not given

The Walston Company is to be liquidated. It has the following liabilities: Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation The company has the following assets: $ 7,600 136,000 93,000 14,000 78,000 28,000 Book Value Fair Value Current assets $ 88,000 Land 108,000 Buildings and equipment 108,000 $ 43,000 98,000 132,000 Required: How much money will the holders of the notes payable collect following liquidation? Total amount collected

The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash   $  25500   Accounts Payable     $  60500 Prepaid Insurance   29700   Salaries and Wages Payable     15100 Accounts Receivable   50600   Mortgage Payable     84500 Inventory   68600         Total Liabilities     160100 Land Held for Investment   83500           Land   120600           Buildings $98100                   Less Accumulated            Depreciation       Owner's Capital     366400 (19600) 78500           Trademark   69500         Total Liabilities and         Owner’s Equity       Total Assets   $526500       $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.

On January 1,2021, ABC Corporation purchased a land for P 15,000,000. In exchange of the land, ABC issued a non-interest bearing note which is due on December 31,2025. There is no readily available market value for the building, but the current market rate of interest for comparable notes is 15%How much is the carrying value of the notes to be shown on December 31,2023 Statement of financial position?

On Jan. 1, 2021, Yumi Co. settled a P 1,000,000 loan payable with an unamortized discount of P 20,000 and accrued interest of P 90,000 by transferring to the lender old equipment with cost of P 3,000,000, accumulated depreciation of P 2,200,000 and fair value of P 900,000. How much gain on extinguishment of debt is to be recognized? a. P 270,000b. P 290,000c. P 250,000d. P 150,000

Assume there is no mortgage on the land, market value is $200 and the basis of the land is $60. The corporation borrows $5 from a bank and gives the $5 to W along with 1009% of the stock in exchange for the land. B.) What is the amount realized? What are the components of the amount realized?

18. The statement of affairs of Darrell Putix Co. indicates that unsecured creditors without priority with total claims of P720,000 may expect to recover only P288,000 after all the assets are sold. Among the creditors of Darrell Putix Co. are the following: • Government – taxes payable of P400,000, inclusive of P80,000 assessments and surcharges. • XYZ bank – loan payable of P4,000,000 and accrued interest of P200,000, backed by collateral security with realizable value of P4,800,000. • Alpha Financing Co. – loan payable of P3,200,000 backed by collateral security with realizable value of P2,000,000. • Mr. Bombay – loan payable of P1,000,000 and accrued interest of P200,000. No collateral security. How much is the expected recovery of Mr. Bombay? a. 780,000 b. 480,000 c. 288,000 d. 0

On January 1,2021, ABC Corporation purchased a land for P 15,000,000. In exchange of the land, ABC issued a non-interest bearing note which is due on December 31,2025. There is no readily available market value for the building, but the current market rate of interest for comparable notes is 15%How much should be presented as non-current liabilities in the notes payable balance as of December 31,2021 in the statement of financial position?