What is the estate equity (deficit) in the opening journal entry made by the receiver in its books?
Q: Where must earnings per share be disclosed in the financial statements to satisfy generally accepted...
A: Generally accepted accounting principles are the guideline issued by the financial accounting standa...
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets ...
A: Times interest earned = Earnings before interest and tax (EBIT) / Interest expense where, EBIT = Net...
Q: Wella Company reported a prepaid benefit cost of P 1,500,000 on January 1, 2016. The entity provided...
A: Defined benefit pension plan: A kind of pension plan where a certain amount of pension is reimbursed...
Q: 1.) On January 1, 2007, Red Velvet Co. issued its 10% bonds in the face amount of P3,000,000, which ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: 0010 40 2 $15 $645 $57.00 $43.61 $15 $5 0011 40 8 $15 $780 $78.00 $59.67 $15 $0 1101 $48,000 $923 $1...
A: Overtime: Overtime alludes to any hours worked by a representative that surpass their ordinarily boo...
Q: Fudge received notice on January 15, 2017 of a lawsuit for P 700,000 damages for personal injuries s...
A: Potential liability refers to an actual form of liability that is not an accrued liability.
Q: Freshmart Inc. began operations last year when it produced and sold the same nuber of units. This ye...
A: Fixed overhead cost for 750 units = ($30,000 / 1,000) x 750 = $22,500
Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash o...
A: Solution Cash & Cash Equivalent refers to the line item on the balance sheet that reports the va...
Q: Situation 1 - An entity has a herd of 150 sheep. The sheep are sheared once a quarter to harvest ver...
A: "Since you have posted multiple questions, we will solve the first question for you. In order to get...
Q: On January 1, 2016, Saul Company issued convertible bonds with a face amount of P 5,000,000 for P 6,...
A: It is the amount liable to the bondholders by the issuer of bonds. This bonds payable will be report...
Q: Wert Company, a VAT-registered taxpayer, purchased P600,000 worth of goods and sold the same for P1,...
A: VAT is Value Added Tax in Phillipines charges at 12% on import & exp...
Q: L2-4 Awe Company pays CU500,000,000 for a 30% interest in Groy Company on July 1, 19x2 when the book...
A: Investor Company: The company who takes control in another company by acquiring proportionate share ...
Q: uses the following standard costs to produce a single unit of output Direct materials 8 pounds at $0...
A: Solution: Standard price of materials = $0.70 per pound Actual price of materials = $0.90 pound Actu...
Q: [The following information applies to the questions displayed below.] Iguana, Inc., manufactures bam...
A: The question is based on the concept of Cost Accounting.
Q: A taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not accep...
A: An Individual who is eligible to pay taxes on his) her income towards the government, as being the r...
Q: Consider a project with inflows of $20,000 and outflows of $13,000. If the tax rate is 33%, and if t...
A: Depreciation The purpose of calculating the depreciation which is known the factors how much amount...
Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.
A: Answer: b. Imposition
Q: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following tra...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Current Attempt in Progress Concord Manufacturing owns equipment that cost €66,600 when purchased on...
A: A journal entry is an accounting entry which is used to record a business recorded in the accounting...
Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16...
A: Federal Insurance Contributions Act: The Federal Insurance Contributions Act is a United States gove...
Q: s a prospective member of the accounting profession detail what you consider to be the four (4) most...
A: competent professional accountant in business is considered to be Paramount and invaluable assets fo...
Q: Question Content Area Cost of Production Report Mochaccino Express Coffee Company roasts and pac...
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a...
Q: HONEST MERCHANDISING, registered her business with the government registry offices as a value- added...
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...
Q: Chavez Wholesale Inc. changed its method of valuing inventory from the average cost method to the FI...
A: A journal entry is an accounting entry which is used to record a commercial transaction in the accou...
Q: The following powers are classified as primary powers of the Commissioner of the BIR. Which of these...
A: The Bureau of internal revenue is considered to be an agency of department of finance. The Bureau of...
Q: Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product...
A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...
Q: Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has n...
A: The Federal Insurance Contributions Act (FICA) is a United States law that requires employers to con...
Q: Keira purchased several pieces of equipment (all 7-year property) during 2021 for $2.100.000. She ue...
A: * As per Bartleby policy, if the question is unrelated then answer first only. Section 179 Expense...
Q: Multiple Cholce $415,000. $56,814. $204,636. $210,364. $153,550.
A: Solution.. Fixed cost = $153,550 Contribution margin ratio = 37% Break even sales revenue = ?
Q: department (food and beverage) restaurant to achieve a 12% ROI on an investment of $8,000,000? F...
A: return on investment is calculated by putting the net income earned by the company in the numerator ...
Q: Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $33 per...
A: Solution: When shares are issued in exchange for a consideration other than cash such as any assets ...
Q: tractor A $ 300, 000 tractor B inital cost • life , ammual operations ft00,006 ID yours | $ 35,00 10...
A: Answer) Calculation of Benefit Cost Ratio of Tractor A Benefit Cost Ratio = Present value of Benefit...
Q: Current Attempt in Progress Concord Manufacturing owns equipment that cost C66400 when purchased on ...
A: Journal entries should not be used to record routine transactions such as customer billings or suppl...
Q: On December 31, 2018, an entity reported the following equity items: 8% cumulative preference shares...
A: Common stock: Common stock is a type of stock recorded in the company's balance sheet as one of the ...
Q: mittee decided to purchase marketable securities, the sale and acquisition of investments were deleg...
A: chief operating officers consider to be second in command for the business. they are responsible for...
Q: The Bureau of Public Highways is considering two possible types of road surfacing with cost estimate...
A: Present worth is the value of future money today discounted at the prevailing rate of Interest. The ...
Q: aroah Company purchased equipment that cost $3180000 on January 1, 2020. The entire cost was recorde...
A: Solution: Depreciation expense amount for the year should be recorded as an expense. However while a...
Q: O’Connor Company ordered a machine on January 1 at a purchase price of $100,000. On the date of deli...
A: Stockholders' Equity: Stockholders' equity is the total assets of a business that shows how much the...
Q: company has annual credit sales of €10 million, and a cost of capital of 7%. At present the company'...
A: In this question, we have to find out the discount scheme of the company's profit and loss.
Q: Which of the following accounts would appear ona budgeted balance sheet? Multiple Cholce All of the ...
A: Solution: In a Balance sheet, Assets, liabilities and Equity accounts are represented. However reven...
Q: Property tax adjustments for government-wide financial statements When Oscar City prepared its gover...
A: Solution Journal entry records financial transactions that a business engages throughout the account...
Q: Multiple Cholce $410,000. $2,050,000. $1,520,000. $1,930,000. $290,000.
A: Introduction:-. Calculation of net income as follows under:- Net income =Sales revenue - variable ex...
Q: You are an audit senior in Riskam and Co and you are commencing the planning of the audit of CariBev...
A: Answer:- Audit risk definition:- Audit risks are those risks where, auditor sometimes not able to d...
Q: QS 12-1 Transaction classification by activity LO C1 Classify the following cash flows as either Ope...
A: Solution:- Classification of Cash flows as either Operating, Investing, or financing activities by a...
Q: he rate of interest actually earned by bondholders is called the a. stated rate. b. coupon rate. c. ...
A: Solution: There are two rate relevant for bondholders. One is coupon rate that they receive periodic...
Q: On January 1, 2016, Saul Company issued convertible bonds with a face amount of P 5,000,000 for P 6,...
A: Solution Bond is a fixed obligation to pay that is issued by a corporation or government entity to i...
Q: Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise invent...
A: The ratio analysis helps to analyse the financial statements of the business. The total assets turno...
Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed ...
A: Introduction Financial ratios are used for the interpretation of the financial and results of the op...
Q: The primary objective of financial reporting is to provide information . In an ethical manner. To...
A: The objective of financial reporting is to give information about financial performance and financia...
Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...
A: Solution Amortisation table- Date Annual lease payment (a) Interest 10% on liability (b)=D*10% ...
If deficit, input a negative sign
Step by step
Solved in 2 steps with 1 images
- Entity A issues an instrument that is re-purchasable by delivering cash or another financial asset. FHo 4. However, Entity A's All rights belongs to respective author Downloaded by era 2020 ean cszmoeaton@gma.com) buving the original co 338 PAS 32 contractual obligation to repurchase the instrument is conditional on the holder (the counterparty) exercising its right to redeem. Which of the following statements is correct from the perspective of Entity A? a. The instrument is a financial liability because when the holder exercises its redemption right, Entity A does not have the unconditional right to avoid making the payment. b. The instrument is an equity instrument because Entity A's contractual obligation to deliver cash or another financial asset is conditional on the holder exercising its right to payment. c. Entity A initially classifies the instrument as an equity instrument. However, when the holder exercises its redemption right, the instrument is reclassified to financial…The following data were taken from the statement of affairs of ROBINSONSCorp.:Assets pledged for fully secured liabilities (current fairvalue, P75,000)Assets pledged for partially secured liabilities (currentfair value P52,000)Free assets (current fair value, P40,000)Unsecured liabilities with priorityFully secured liabilitiesPartially secured liabilitiesUnsecured liabilities without priority P90,00074,00070,0007,00030,00060,000112,000 1. The amount that will be paid to creditors with priority is:a. P7,000 b. P6,000 c. P7,500 d. P6,2002. The amount to be paid fully secured creditors is:a. P30,000 b. P32,000 c. P20,000 d. P35,0003. The amount to be paid to partially secured creditors is:a. P52,700 b. P57,200 c. P56,200 d. P 57,0004. The amount to be paid to unsecured creditors:a. P78,200 b. P70,800 c. P72,000 d. P72,800When the Beacon Computer Company filed for bankruptcy under CCAA, it had the following balance sheet information: Liquidating Value Claims Trade credit $ 6,700 Secured mortgage notes 9,900 Senior debentures 11,900 Junior debentures Total assets $30,400 Equity 16,900 -15,000 Assuming there are no legal fees associated with the bankruptcy, as a trustee, what distribution of liquidating value do you propose? (Do not leave any empty spaces; input a O wherever it is required. Enter the answers in dollars. Omit $ sign in your response.) Trade credit Secured mortgage notes Senior debentures Junior debentures Equity Distribution of liquidating value
- The creditors of the RR Corp. agreed to a liquidation based on the statement of affairs, suggested that unsecured creditors, without priority would receive approximately P.60 on the peso. The unsecured creditors are interested in determining whether the preliminary estimate still seems appropriate. The trustee was originally assigned noncash asset for P1,480,000 and creditor claims as follows: fully secured, P670,000; partially secured, P400,0003; unsecured with priority, P200,000 and unsecured without priority, P320,000. Assets with book value of P45,000 and unsecured liabilities, without priority, of P35,000 were subsequently discovered. Assets with a total book value of P740,000 were sold for P715,000 net. Fully secured liabilities of P410,000 and partially secured liabilities of P280,000 were paid. Remaining liquidation expenses were estimated to be P30,000. Assume the remaining noncash assets have an estimated net realizable value as follows: Assets traceable to fully secured…Lucio Incorporated is undergoing liquidation. The statement of affairs shows unsecured claims without priority of 5,900,000; partially secured liabilities of 3,900,000; unsecured claims with priority of 365,000, and net free assets of 3,719,000. If unsecured claims wiyhout priority received 55% of their claims, how much will the partially secured liabilities receive?When the Beacon Computer Company filed for bankruptcy under CCAA, it had the following balance sheet information: Liquidating Value claims Trade credit $ 6,400 Secured mortgage notes 9,600 Senior debentures 11,600 Junior debentures Total assets $30,100 Equity 16,600 -14,100 Assuming there are no legal fees associated with the bankruptcy, as a trustee, what distribution of liquidating value do you propose? (Do not leave any empty spaces; input a O wherever it is required. Omit "$" sign in your response.) Distribution of liquidating value Trade credit Secured mortgage notes Senior debentures Junior debentures Equity $
- 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 were 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 partially secured creditors?Choose the correct. When does the liquidation basis of accounting first have to be applied to financial statements of a liquidating entity to be viewed as in conformity with U.S. GAAP?a. When an involuntary bankruptcy petition is approved by the court.b. When liquidation is imminent.c. When the first asset is sold.d. At least 90 days before the final asset is sold.A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Assets Estimated book value Current value Assets pledged with fully secured creditors P 800,000 P1,000,000 Assets pledged with partially secured creditors 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 1. Assume that assets are converted to cash at their current values, what is the amount of estimated payment to the partially secured creditors? 2. Assume that assets are converted to cash at their current values, what is the expected dividend rate (in decimal form) for general unsecured creditors?
- A Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Assets Estimated book value Current value Assets pledged with fully secured creditors P 800,000 P1,000,000 Assets pledged with partially secured creditors 500,000 400,000 Free assets 1,300,000 1,200,000 Liabilities are as follows: Liabilities with priority - P200,000 Fully secured creditors - 700,000 Partially secured creditors - 500,000 Unsecured creditors without priority - 1,500,000 Assume that assets are converted to cash at their current values, what is the expected dividend rate (in decimal form) for general unsecured creditors?The Walston Company is to be liquidated and has the following liabilities: The company has the following assets: How much money will the holders of the notes payable collect following liquidation?Jake, a CPA, has prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P140,000, which must be allocated to unsecured claims of all classes totaling P210,000. The following are some of the claims outstanding: i. Accounting fees for Black, P3,000 ii. An unrecorded note for P2,000, on which P120 of interest has accrued, held by Blue. iii. A note for P6,000 secured by P8,000 receivables, estimated to be 60% collectible held by Orange. iv. A P3,000 note, on which P60 of interest has accrued, held by Pink. Property with a book value of P2,000 and a market value of P3,600 is pledged to guarantee payment of principal and interest. v. Unpaid income taxes P7,000 Compute the estimated payment to partially secured creditors: