Miner Company is being forced into bankruptcy. The Company's creditors and stockholders have requested an estimate of the results of liquidation of the Company. Miner's trial balance follows: Accounts Cash Accounts receivable Allowance for bad debts Notes receivable 50,000 Accrued interest on notes receivable 1,200 60,000 182,000 Debit Credit P6,000 63,000 Inventory Buildings Accumulated depreciation-Buildings Equipment Accumulated depreciation-Equipment Prepaid insurance Goodwill Accrued wages Taxes payable Accounts payable and other liabilities Notes payable Accrued interest payable Common stock Retained earnings (deficit) Total 14,600 1,100 8,500 P2,000 63,000 Accounts receivable Notes receivable including P1,000 accrued interest Building Prepaid insurance 1,400 6,000 2,400 170,000 80,000 1,600 110,000 50,000 P436,400 P436,400 The assets are expected to bring cash on conversion in the following amounts P50,000 40,800 75,000 400

Martinez Corp. experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.     December 31, 2020   December 31, 2019 Cash   $ 38,100   $ 11,100 Accounts receivable (net)   74,000   128,400 Inventory   204,600   183,400 Accounts payable   50,200   90,600 Notes payable   36,500   64,900 Common stock, $100 par   406,600   406,600 Retained earnings   120,000   106,300 Additional information: 1.   The inventory turnover is 3.7 times. 2.   The return on common stockholders’ equity is 19%. The company had no additional paid-in capital. 3.   The receivables turnover is 11.8 times. 4.   The return on assets is 19%. 5.   Total assets at December 31, 2019, were $607,100. Compute the following for Martinez Corp.. (Round all answers to 0 decimal places, e.g. 2,150.) (a)   Cost of goods sold for 2020.   $  (b)   Net credit…

Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $51,300; (2) up to 180 days past due, $14,800; and (3) more than 180 days past due, $5,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 4 percent, (2) 13 percent, and (3) 31 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $100 (credit) before the end-of-period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how the various accounts related to accounts…

On April 15, 2018 Mike’s Framing Co., declared Chapter 11 bankruptcy, owing James Wholesalers $375.00.  James will immediately write off Mike’s account as uncollectible.  Prepare the appropriate journal entry for James.

A company going through a Chapter 7 bankruptcy has the following account balances: Cash Receivables (25% collectible) $ 49,000 69,000 Inventory (worth $34,850) 109,000 Land (worth $253,000) (secures note payable) 195,000 Buildings (worth $275,000) (secures bonds payable) 390,000 Salaries payable (4 workers owed equal amounts for last 2 weeks) 19,500 Accounts payable 109,000 Note payable (secured by land) 205,000 Bonds payable (secured by building) 490,000 Common stock 290,000 Retained earnings (235,000) How much will be paid to each of the following? > Answer is complete but not entirely correct. Salaries payable Accounts payable $ 19,500 Note payable Bonds payable $ 41,420 x $ 205,000 $ 356,700 ×

Use the trial balance presented for Lynch, Inc., in problem (51). Assume that the company will be liquidated and the following transactions will occur: • Accounts receivable of $18,000 are collected with remainder written off. • All of the company’s inventory is sold for $40,000. • Additional accounts payable of $10,000 incurred for various expenses such as utilities and maintenance are discovered. • The land and building are sold for $71,000. • The note payable due to the Colorado Savings and Loan is paid. • The equipment is sold at auction for only $11,000 with the proceeds applied to the note owed to the First National Bank. • The investments are sold for $21,000. • Administrative expenses total $20,000 as of July 23, 2017, but no payment has yet been made. a. Prepare a statement of realization and liquidation for the period from March 14, 2017, through July 23, 2017. b. How much cash would be paid to an unsecured, nonpriority creditor that Lynch, Inc., owes a total of $1,000?

Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $27,500 in free cash. The following debts, totaling $49,550, remain: Government claims to unpaid taxes $ 8,300 Salary during last month owed to Mr. Key (not an officer) 20,125 Administrative expenses 4,750 Salary during last month owed to Ms. Rankin (not an officer) 5,960 Unsecured accounts payable 8,850 Required: Indicate how much money will be paid to the creditor associated with each debt.

2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy   Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.