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1. Poorgold Corporation had the following statement of financial position: Cash P 5,000 Note payable (short- P 97,000 term) Marketable securities 30,000 Accounts payable 85,000 Accounts receivable 25,000 Accrued expenses 18,000 his study source was downloaded by 100000828821246 from CourseHero.com on 07-11-2021 22:39:16 GMT -05:00 ps://www.coursehero.com/file/60245666/Corpliqprobsdocx/ Inventory 51,000 Note payable (long- 208,000 term) Prepaid expenses 3,000 Share capital 95,000 Land 120,000 Retained earnings (59,000) (deficit) Building 105,000 Equipment 95,000 Intangible assets 10,000 The note payable (short-term) is secured by the inventory and the note payable (long-term) is secured by the land and building. Marketable securities have a fair value of P35,000 and dividends of P1,000 are due from this investment. Only P15,000 can be collected from the accounts receivable. Inventory can only be sold at P48,500 Prepaid expenses include a refund of P1,000. The intangible assets have no resale value. Fair value of land and building P238,000 and fair value of equipment P58,000. Administrative expenses of P31,500 are estimated as liquidation expenses. . Salaries of P12,000 and payroll taxes of P3,000 are accrued Interest on the long-term note payable of P8,000 has not been accrued. ero.com Questions: ce W 1. How much is the estimated deficiency? . 46,000 What is the estimated recovery percentage? 66.30% What is the estimated recovery for partially secured creditors? . 80,655.50 4. How much is the estimated recovery for unsecured creditors without priority? 58,344 5 . What is the amount of net free assets? . 90,500Problem V 2. Kinulang Corporation provided the following balances in July 1, 2017: ly source was downloaded by 100000828821246 from CourseHero.com on 07-11-2021 22:39:16 GMT -05:00 ww.coursehero.com/file/60245666/Corpliqprobsdocx/ Cash 5,500 Accounts payable 59,500 Accounts receivable 35,000 Wages payable 25,000 Inventories 60,000 Tax payable 35,000 Notes receivable 78,000 Note payable 65,000 Equipment 256,000 Mortgage payable 175,000 Share capital 120,000 Deficit (45,000) TOTAL 434,500 TOTAL 434,500 In the statement of realization and liquidation the following data are ascertained for the month of July: The note payable and mortgage payable together with their respective interest are paid. Only 7/8 is collected from the existing accounts receivable at the beginning of the month. Half of the inventories were sold for P45,000. Only P68,500 of the notes receivable are collected. Equipment is sold for P225,000. Administrative expenses of P13,800 are paid. Additional credit sales amounting to P10,500 are made for the remaining inventories. Interests accrued for the month are note receivable P1,500, note payable P5,500 and mortgage payable P10,500. All existing noncash assets at the beginning of the month are sold or collected during the month. Questions: 1. How much is the profit or loss in the statement of realization and liquidation? (77,675) 2. How much is the estate equity at July 31, 2017? ( 2,675)
