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Please answer the problem attached, thanks! N ot yet Muked of 8. o o V Flag quution The accountant of Drifting Corp. prepared a statement
Please answer the problem attached, thanks!
N ot yet Muked of 8. o o V Flag quution The accountant of Drifting Corp. prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P1,400,ooo. Unsecured claims of all classes totaled to P2,100,ooo. The following data are claims deemed outstanding: 1. Accrued salaries, P30,ooo. 2. Unrecorded note for P 10,000, on which P600 of interest has accrued held by Thirdy Co. 3. A note for P60,ooo secured by P80,ooo receivable, estimated to be 60% collectible held by Jones Co. 4. A P15,ooo note, on which P300 interest has accrued held by James Property with a book value of P 10,000 and a market value of P18,ooo is pledged to guarantee payment of principal and interest. 5. Unpaid income taxes of P70,ooo. Answer the following: (answers can be repeated) How much is the total net free assets? How much is the total unsecured claims without priority? What is the estimated recovery percentage? How much is the amount realized by partially secured creditors? Choose... Choose... Choose... Choose...
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