HHH Company was unable to pay its current obligations as they become due. SM Company was...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
HHH Company was unable to pay its current obligations as they become due. SM Company was appointed as trustee on January 2, 2020. Creditors and stockholders agree that an attempt should be made to rehabilitate the business assets, pay off the creditors and distribute remaining funds to the stockholders. The trustee is authorized to take over all the assets of HHH. A statement of financial position was given to the trustee and the following business transactions were selected. March 31-Sales on account, P1,050,000 April 8- Collections of notes receivable, P75,000 May 15- Payment of accounts payable old-P150,000 Determine the following: a. What is the entry for the March 31 transaction in the books of HHH and SM? b. What is the entry for the April 8 transaction in the books of HHH and SM? c. What is the entry for the May 15 transaction in the books of HHH and SM? The following data were taken from the statement of realization and liquidation of III Company for the quarter ended September 30, 2020: 750,000 Assets to be realized Assets not realized Liabilities not liquidated Liabilities assumed ? Liabilities liquidated Assets realized Assets acquired Liabilities to be liquidated Determine the following: a. Assets not realized b. Beginning balance of cash c. Ending balance of cash The beginning balance of Share Capital and Retained Earnings are P510,000 and P148,000 respectively. The net income for the period is P224,500. Assets to be realized Assets not realized 875,000 880,500 Supplementary charges 1,500,000 Supplementary credits Assets realized Assets acquired Liabilities to be liquidated 0. A statement of realization and liquidation has been prepared for JJJ Company. The totals are given below: 1,825,000 750,000 Determine the following: a. Beginning balance of cash b. Ending balance of cash. 1,770,000 620,500 845,000 65,000 Liabilities not liquidated 80,000 Liabilities assumed 30,000 Liabilities liquidated 48,000 Supplementary charges 95,000 Supplementary credits 28,500 32,000 58,000 120,000 110,000 Retained Earnings increased to P25,000. The beginning balance of Share Capital and Retained Earnings are P120,000 and (P35,000) respectively. HHH Company was unable to pay its current obligations as they become due. SM Company was appointed as trustee on January 2, 2020. Creditors and stockholders agree that an attempt should be made to rehabilitate the business assets, pay off the creditors and distribute remaining funds to the stockholders. The trustee is authorized to take over all the assets of HHH. A statement of financial position was given to the trustee and the following business transactions were selected. March 31-Sales on account, P1,050,000 April 8- Collections of notes receivable, P75,000 May 15- Payment of accounts payable old-P150,000 Determine the following: a. What is the entry for the March 31 transaction in the books of HHH and SM? b. What is the entry for the April 8 transaction in the books of HHH and SM? c. What is the entry for the May 15 transaction in the books of HHH and SM? The following data were taken from the statement of realization and liquidation of III Company for the quarter ended September 30, 2020: 750,000 Assets to be realized Assets not realized Liabilities not liquidated Liabilities assumed ? Liabilities liquidated Assets realized Assets acquired Liabilities to be liquidated Determine the following: a. Assets not realized b. Beginning balance of cash c. Ending balance of cash The beginning balance of Share Capital and Retained Earnings are P510,000 and P148,000 respectively. The net income for the period is P224,500. Assets to be realized Assets not realized 875,000 880,500 Supplementary charges 1,500,000 Supplementary credits Assets realized Assets acquired Liabilities to be liquidated 0. A statement of realization and liquidation has been prepared for JJJ Company. The totals are given below: 1,825,000 750,000 Determine the following: a. Beginning balance of cash b. Ending balance of cash. 1,770,000 620,500 845,000 65,000 Liabilities not liquidated 80,000 Liabilities assumed 30,000 Liabilities liquidated 48,000 Supplementary charges 95,000 Supplementary credits 28,500 32,000 58,000 120,000 110,000 Retained Earnings increased to P25,000. The beginning balance of Share Capital and Retained Earnings are P120,000 and (P35,000) respectively.
Expert Answer:
Answer rating: 100% (QA)
For Question 1 HHH Company a March 31 Transaction In the books of HHH Debit Accounts Receivable P105... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The North Face, Inc. (North Face) is an American outdoor product company specializing in outerwear, fleece, coats, shirts, footwear, and equipment such as backpacks, tents, and sleeping bags. North...
-
Governmental Funds Statement of Revenues Expenditures and Changes in Fund Balance. You have recently started working as the controller for a small county. The county is preparing its financial...
-
Cossack Company purchased Village Enterprises. The following fair values were associated with the items acquired in this business acquisition: The fair value associated with Village Enterprises...
-
Compute and plot the magnitude and phase of the frequency response of the systems described by the following difference equations: (a) \(y(n)=x(n)+2 x(n-1)+3 x(n-2)+2 x(n-3)+x(n-4)\) (b)...
-
If you reach for a sweetened carbonated beverage, do you refer to it as soda, pop, coke, or a soft drink? Different regions of the United States use different terms, as shown in this heat map:...
-
I don't see that in my intermediate accounting text I saved from college, you explain to another member of the accounting division of Dowell Chemical Corporation. This will take some research. Your...
-
Estimate the 5 - day 9 9 % VaR for the portfolio assuming that its annual volatility calculated on the basis of weekly returns from the most recent 1 - year time window is 3 1 . 7 5 % .
-
Franchise taxes are levied on businesses that gain a franchise right of doing business in a jurisdictions territory. The data in Table 9.1 are franchise tax revenues in the city of Sunbelt, Florida,...
-
Questions from Alan B. Krueger's paper "How Computers Have Changed the Wage Structure: Evidence from Microdata, 1984-1989 1) How does Krueger use econometrics to isolate the estimation of the causal...
-
A. Convert 500 mCi to mCi. Here we are converting from a small unit to a larger unit; therefore, the decimal moves to the left. Also, mCi is smaller than the mCi by a factor of 1000, so the decimal...
-
A circle with mass M and radius R can rotate freely around point P on the frictionless plane. A bug with mass m runs along the circle with speed with respect to the circle as shown in the figure. 3)...
-
I = 18 sin(100nt + 40) I = 12 sin(100nt) Representing 1 and 1 as phasors, determine the resultant current IT and its phase angle using phasor addition for I + 1. 000
-
The channel shape cross-section and the rectangular cross-section shown in the Figure are made of materials with elastic-perfectly plastic behaviour. The yield stress of the material used for the...
-
2. (40)1 kg solid Al is put in the furnace directly at 750 C. The melting takes place as shown below. Solid Al (superheated solid) at 750C Al (liquid). Calculate: a) The enthalpy of melting at 750C....
-
Express xm (1-x) dx in terms of Gamma function and show that x (1-x) dx = 36
-
Can partitioned join be used for r r.A s? Explain your answer
-
Suppose, after graduating, that you accept a job as a manager for a retail store that sells tablets and laptop computers, along with cases and bags for them. The inventory is purchased from other...
-
Daniel and Emily have received a sizable amount of cash from the sale of their shares of ABC. As a result, they are considering where they should invest this money. They recognize how profitable ABC...
-
Stratus Ltd. sells merchandise on April 1, 2017, to Red River Enterprises in return for a 12-month, 9%, $10,000 note, with interest due at maturity. The company uses a perpetual inventory system and...
-
Many states have lotteries that involve the random selection of digits 0, 1, 2, ,
-
Is the distribution of those digits a normal distribution? Why or why not?
-
Birth weights in the United States are normally distributed with a mean (in grams) of 3420 g and a standard deviation of 495 g. If you graph this normal distribution, the area to the right of 4000 g...
Study smarter with the SolutionInn App