A statement of financial affairs created for an insolvent corporation that is beginning the process of liquidation discloses the following data. The assets are shown at net realizable values.         Assets pledged with fully secured creditors $ 212,000 Fully secured liabilities   156,000 Assets pledged with partially secured creditors   386,000 Partially secured liabilities   502,000 Assets not pledged   306,000 Unsecured liabilities with priority   208,400 Accounts payable (unsecured)   396,000     The company owes $9,000 on an account payable to an unsecured creditor (without priority). How much money can this creditor expect to collect? The company owes $112,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $86,000. How much money can the bank expect to collect?           a. Expected amount by creditor   b. Expected amount by bank

The net gain (loss) for the three-month period ending March 31 is

5. PSA Inc. prepared a draft of its 2021 Statement of Financial Position. The draft statement reported total assets of P4.375,000. The total assets included the following items.             Treasury shares of PSA Inc. at cost, which approximates market value                         on December 31                                                         P120,000             Unamortized patent                                                                    56,000             Cash surrender value of life insurance                                       68,500             Cumulative translation loss                                                         42,000 At what amount should total assets be correctly reported in the December 31,2010 Statement of Financial Position?

Africa Company recently filed for bankruptcy. Immediately before liquidation. Africa Co. had the following statement of financial position Cash Investments at FVPL Accounts receivable Inventory Total P50,000 Accounts payable P650,000 150,000 Contributed capital 500,000 300,000 Retained eamings (150,000) 500,000 P1,000,000 Total P1,000,000 Africa had the following transactions in relation to its liquidation process • Sale of inventory amounted to P300,000. P50.000 was on account with the remainder on cash basis. The cost of merchandise sold amounted to P315,000. • Collections of receivables. P115.000. Purchase of additional inventory on account. P15,000. Paid suppliers, P350,000 Sold its investment at FVPL for P186500. including accrued interest of P1,500. Paid expenses of the trustee. P75.000. Unpaid expenses incurred amounted to P3500 Wrote-off P15.000 of its accounts receivables Required 1. How much is the net loss during the liquidation process?