Subject : Advanced Accounting

PROBLEM 18. Statement AmDebemy Armor Gede With RM Pad Exp 51. 1.000 ano Property and get a Gol 10.000 Tul SK SOO Acces Payable $220.000 Accrued Wages Gall with priority) 15.00 Bank Notes Payable 225.000 350.000 Montage Payable ComStuck 10.00 Retained Earnings (deficit) 261.00 Tocal SSR SCO The following additional information is able: I Ant molestieceivable with the exception of one for $2.500 are expected to be collected. The notes meivable are pledged security on the bank moes payable 2. Or the total accounts reseable. $55.000 is expected to be collected. The accounts reces able a la pledged as security on the bank woles payable 1. Finisted ads can be wild 30 above cost Selling expenses will be approximately 15% of selling price. Work process is to be completed at an additional cost of $30.000, of which 519.000 represents the cost of raw materials. The expected selling price of the work in process cher completion) is 10 veces, with selling expenses of 156 of selling price med materials can be sold for SIS DOO Prepaid expenses are fully recoverable. $. The investment in stock consists of 100 shares o MBT Company with a current market value of $19.000 6. Land is appraised at $200.000, and plant and equipment is appraised at $205.000. The land and plant and equipment serve as collateral on the mortgage payable. Accrued but one corded interest on the mortgage payable amounts to $3.000. Required A. Prepare a statement of affairs, including a deficiency account B. Compute the estimated dividend to be paid general unsecured creditors