Corporate Liquidation Instruction: Prepare the answers and solution in written form using a clean paper leg. Yellow pad, bond paper, notebook etc.) and submit a snapshor in CANVAS 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: Dahit C . Active 63.000 Allowance for hadde Notes mevable Acued interest testele 1.300 every 000 Buildings Accumulated depreciation Buildings Equipment 14.00 Accumulated depreciation Prepaid 1.100 Goodwill Accruedas Tie pale 2.00 Apylentheri Notes le Acceder able Cock 10.000 Retained camins deficio 3.000 N. Inter The assets are expected to bring cash on conversion in the following amounts Accessible 50.000 Notes receivable including Pred Building Prepaid insurance The inventory can be sold for P30,000 and is expected to incur shipping costs and selling expenses amounting to P1,000. Fair market value of the equipment amounted to P4,200 The notes receivable are pledged as a security on a note payable of P40,000. A note payable of P20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of P10,000. One-half of the interest payable relates to P40,000 note payable the other half of the interest payable relates to the P20.000 note payable. There is no accrued interest on the other notes payable. Accounts payable and other liabilities include debts, taxes and assessments due to the National Government amounting to P10,000. The books do not show the estimated trust fees, accounting and legal fees, amounting to P5,000, which will be incurred in connection with the liquidation Requirement: Compute for the payment to each class of creditor. Corporate Liquidation Instruction: Prepare the answers and solution in written form using a clean paper leg. Yellow pad, bond paper, notebook etc.) and submit a snapshor in CANVAS 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: Dahit C . Active 63.000 Allowance for hadde Notes mevable Acued interest testele 1.300 every 000 Buildings Accumulated depreciation Buildings Equipment 14.00 Accumulated depreciation Prepaid 1.100 Goodwill Accruedas Tie pale 2.00 Apylentheri Notes le Acceder able Cock 10.000 Retained camins deficio 3.000 N. Inter The assets are expected to bring cash on conversion in the following amounts Accessible 50.000 Notes receivable including Pred Building Prepaid insurance The inventory can be sold for P30,000 and is expected to incur shipping costs and selling expenses amounting to P1,000. Fair market value of the equipment amounted to P4,200 The notes receivable are pledged as a security on a note payable of P40,000. A note payable of P20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of P10,000. One-half of the interest payable relates to P40,000 note payable the other half of the interest payable relates to the P20.000 note payable. There is no accrued interest on the other notes payable. Accounts payable and other liabilities include debts, taxes and assessments due to the National Government amounting to P10,000. The books do not show the estimated trust fees, accounting and legal fees, amounting to P5,000, which will be incurred in connection with the liquidation Requirement: Compute for the payment to each class of creditor. Corporate Liquidation Instruction: Prepare the answers and solution in written form using a clean paper leg. Yellow pad, bond paper, notebook etc.) and submit a snapshor in CANVAS 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: Dahit C . Active 63.000 Allowance for hadde Notes mevable Acued interest testele 1.300 every 000 Buildings Accumulated depreciation Buildings Equipment 14.00 Accumulated depreciation Prepaid 1.100 Goodwill Accruedas Tie pale 2.00 Apylentheri Notes le Acceder able Cock 10.000 Retained camins deficio 3.000 N. Inter The assets are expected to bring cash on conversion in the following amounts Accessible 50.000 Notes receivable including Pred Building Prepaid insurance The inventory can be sold for P30,000 and is expected to incur shipping costs and selling expenses amounting to P1,000. Fair market value of the equipment amounted to P4,200 The notes receivable are pledged as a security on a note payable of P40,000. A note payable of P20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of P10,000. One-half of the interest payable relates to P40,000 note payable the other half of the interest payable relates to the P20.000 note payable. There is no accrued interest on the other notes payable. Accounts payable and other liabilities include debts, taxes and assessments due to the National Government amounting to P10,000. The books do not show the estimated trust fees, accounting and legal fees, amounting to P5,000, which will be incurred in connection with the liquidation Requirement: Compute for the payment to each class of creditor. Corporate Liquidation Instruction: Prepare the answers and solution in written form using a clean paper leg. Yellow pad, bond paper, notebook etc.) and submit a snapshor in CANVAS 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: Dahit C . Active 63.000 Allowance for hadde Notes mevable Acued interest testele 1.300 every 000 Buildings Accumulated depreciation Buildings Equipment 14.00 Accumulated depreciation Prepaid 1.100 Goodwill Accruedas Tie pale 2.00 Apylentheri Notes le Acceder able Cock 10.000 Retained camins deficio 3.000 N. Inter The assets are expected to bring cash on conversion in the following amounts Accessible 50.000 Notes receivable including Pred Building Prepaid insurance The inventory can be sold for P30,000 and is expected to incur shipping costs and selling expenses amounting to P1,000. Fair market value of the equipment amounted to P4,200 The notes receivable are pledged as a security on a note payable of P40,000. A note payable of P20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of P10,000. One-half of the interest payable relates to P40,000 note payable the other half of the interest payable relates to the P20.000 note payable. There is no accrued interest on the other notes payable. Accounts payable and other liabilities include debts, taxes and assessments due to the National Government amounting to P10,000. The books do not show the estimated trust fees, accounting and legal fees, amounting to P5,000, which will be incurred in connection with the liquidation Requirement: Compute for the payment to each class of creditor
