Yemens deficit after the quasi-reorganization on July 1, 2018, should be
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20. Yemens deficit after the quasi-reorganization on July 1, 2018, should be
a. P1,000,000 c. P500,000
b. P250,000 d. P0
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- Mario Company has been incurring losses for several years. On December 31, 2019, the SEC permitted Mario to implement a quasi-reorganization after due approval from its shareholders and creditors. Its balance sheet before quasi-reorganization is as follows. [Refer to the figure]The quasi-reorganization plan provides the following:• The PPE shall be revalued at an appraised amount of P8,500,000.• Goodwill shall be written off in full.• Par value shall be reduced by forty percent.• The deficit shall be wiped out firstly from Revaluation Surplus and any unabsorbed amount from Share Premium.1. How much is the total assets after the quasi-reorganization? 2. How much is the Share Premium after the quasi-reorganization? 3. How much is the Retained Earnings after the quasi-reorganization?Mario Company has been incurring losses for several years. On December 31, 2019, the SEC permitted Mario to implement a quasi-reorganization after due approval from its shareholders and creditors. Its balance sheet before quasi-reorganization is as follows. [Refer to the figure]The quasi-reorganization plan provides the following:• The PPE shall be revalued at an appraised amount of P8,500,000.• Goodwill shall be written off in full.• Par value shall be reduced by forty percent.• The deficit shall be wiped out firstly from Revaluation Surplus and any unabsorbed amount from Share Premium. How much is the total assets after the quasi-reorganization? How much is the Share Premium after the quasi-reorganization? How much is the Retained Earnings after the quasi-reorganization?Journal entries Logan Corp. has incurred losses from operations for many years. At the recommendation of the newly hired president, the board of directors noted to implement a quasi-reorganization, subject to the stockholders' and creditors' approval. Immediately, prior to the quasi-reorganization, on June 30, 2016, Logan's balance sheet was as follows: AssetsCurrent assets P1,375,000 Property, plant and equipment 3,375,000 Other noncurrent assets 500,000Total assets P5,250,000 Liabilities and Stockholders' Equity Total liabilities P1,500,000Ordinary shares, P10 par value 4,000,000 Additional paid-in capital 750,000Deficit (1,000,000)Total liabilities and stockholders' equity P5,250,000The stockholders and creditors approved the quasi-reorganization effective July 1, 2016, to be accomplished by a reduction in property, plant, and equipment (net) P875,000, a reduction in other noncurrent assets of P375,000, and a reduction in par value from P10 to P5.
- Jade Company has been incurring losses for several years. On December 31, 2019, the SEC permitted Jade to implement a quasi-reorganization after due approval from its shareholders and creditors. Its balance sheet before quasi-reorganization is as follows. [Refer to the figure]The quasi-reorganization plan provides the following:• The PPE shall be revalued at an appraised amount of P8,500,000.• Goodwill shall be written off in full.• Par value shall be reduced by forty percent.• The deficit shall be wiped out firstly from Revaluation Surplus and any unabsorbed amount from Share Premium. Cash 400,000 Inventory 5,200,000 Property, Plant and Equipment 8,200,000 Goodwill 200,000 Liabilities 4,450,000 Share Premium 3,200,000 Deficit 2,150,000 Questions: 1. How much is the total assets after the quasi-reorganization? 2. How much is the Share Premium after the quasi-reorganization? 3. How much is the Retained Earnings after the quasi-reorganization?On July 31, 2020, Ivanhoe Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Ivanhoe. Conchita reported the following balance sheet at the time of the acquisition. Current assets $750,000 Current liabilities $500,000 Noncurrent assets 2,700,000 Long-term liabilities 400,000 Total assets $3,450,000 Stockholders’ equity 2,550,000 Total liabilities and stockholders’ equity $3,450,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,755,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet information. Current assets $480,000 Noncurrent assets…A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had enduredoperating losses for several years, but confidence was emerging that better times were ahead. The board ofdirectors and shareholders approved a quasi reorganization for the corporation. The reorganization includeddevaluing inventory for obsolescence by $105 million and increasing land by $5 million. Immediately prior tothe restatement, at December 31, 2018, Champion Chemical Corporation’s balance sheet appeared as follows (incondensed form):CHAMPION CHEMICAL CORPORATIONBalance SheetAt December 31, 2018($ in millions)Cash $ 20Receivables 40Inventory 230Land 40Buildings and equipment (net) 90$ 420Liabilities $ 240Common stock (320 million shares at $1 par) 320Additional paid-in capital 60Retained earnings (deficit) (200)$ 420Required:1. Prepare the journal entries appropriate to record the quasi reorganization on January 1, 2019.2. Prepare a balance sheet as it would appear immediately…
- On July 31, 2020, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Mexico. Conchita reported the following balance sheet at the time of the acquisition. Current assets $ 800,000 Current liabilities $ 600,000 Noncurrent assets 2,700,000 Long-term liabilities 500,000 Total assets $3,500,000 Stockholders' equity 2,400,000 Total liabilities and stockholders' equity $3,500,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,750,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet information. Current assets $ 450,000 Noncurrent assets (including goodwill recognized in purchase)…Below is the statement of realization and liquidation of Alex Corporation, which is under receivership for the month ended July 31, 20x5:AssetsAssets acquired: Assets realized:Accounts receivable P20,000 Investment at fair value P24,000Assets to be realized: Assets not realized:Investment at fair value 32,000 Accounts receivable 10,000Accounts receivable 76,000 Merchandise inventory 30,000Merchandise inventory 40,000LiabilitiesLiabilities liquidated: Liabilities to be liquidated:Accounts payable P56,000 Accounts payable P90,000Liabilities not liquidated: Liabilities assumed:Accounts payable 20,000 Accounts payable 16,000Accrued expenses 4,000Supplementary Items Supplementary Expenses Supplementary IncomePurchases P3,000 Sales on account P12,000Expenses 15,000 Cash sales 40,000Interest income 4,000QUESTIONS:9. What is the net income or loss for the period? ______________ABC Company is beginning the process of liquidation. ABC has prepared a statement of financial affairs that discloses the following data: Assets pledged with secured creditors $ 210,000 Secured liabilities 125,000 Assets pledged with partially secured creditors 290,000 Free assets (not including excess to be received from assets pledged on secured liabilities) 225,000 Unsecured liabilities with priority 121,000 Unsecured liabilities 450,000 ABC owes $45,000 to Wallace Company, an unsecured creditor (without priority). How much money can Wallace Company expect to collect from ABC?
- On July 31, 2020, Carla Vista Company paid $2,700,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Carla Vista. Conchita reported the following balance sheet at the time of the acquisition. Current assets Noncurrent assets Total assets $730,000 2,400,000 $3,130,000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets $410,000 2,060,000 (700,000) (500,000) It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,455,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet…On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Liabilities and Owners' Equity Current liabilities Prepare a consolidated balance sheet workpaper as of January 1, 2024. Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Total Cash Accounts Receivable Inventory Investment in Whispering Total Difference between Implied and Book Value Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Total Retained Earnings: Coronado Company Whispering Company Noncontrolling Interest 38,250 Coronado…An entity was reporting losses for several years. The board of directors and shareholders approved a quasi-reorganization. The reorganization included reducing inventory and land by P300,000 and P800,000 respectively. Immediately before the restatement, the entity had the following balances: Share capital (320,000 issued shares, P10 par) - 3,200,000 Share premium - 800,000 Retained eamings (deficit) - (400,000) What is the reduction in total par value of shares to fully eliminate the deficit?