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Martinez
BSA 311
The following data were taken from the statement of realization and liquidation of
XYZ Corporation for the quarter ended September 30, 2008:
What is the net income (loss) for the period? How much is the ending balance of cash?
A. P168,000; P720,000 C. P(210,000); P560,000
B. P(168,000); P720,000 D. P42,000; P560,000
A review of the assets and liabilities of G Company in bankruptcy on June 30, 2008,
discloses
the ff:
a. A mortgage payable of P118,000, is secured by building valued at P39,000 less
than its book value of P172,000.
b. Notes payable of P57,000 is secured by furniture and equipment with a book
value of P76,000 that is 3/5 realizable.
c. Assets other than those referred to have an estimated value of P44,000, an
amount that is 75% of its book value
d. Liabilities other than those referred to total P91,000, which included claims with
priority of P23,000.
Put the following classes in the order allowed by the Bankruptcy Act, starting with the highest priority
to the lowest:
a. 1,3,4,2
b. 3,1,2,4
c. 4,2,1,3
d. 2,1,3,4
The document used to estimate amounts available to each class of claims is called a(n)
Which of the following does not describe the accounting statement of affairs?
In the accounting statement of affairs, the gains or losses upon liquidation would equal
A corporation's accounting statement of affairs shows a dividend of 115%. The dividend means
that
a. secured creditors will receive an amount in excess of the book value of their claims.
b. unsecured creditors will receive an amount in excess of the book value of their claims.
c. stockholders may expect some return on their interests.
d. an error was made in the preparation of the statement.
The ratio called "dividend to general unsecured creditors" is calculated by which of the following
formulas?
A corporation's accounting statement of affairs shows a dividend of 40%. The dividend means
that
a. all creditors and stockholders will receive approximately 40% of the book value of their
respective interests.
b. all creditors will receive an amount approximately equal to 40% of the book value of their
claims, but stockholders will receive nothing.
c. Unsecured claims with priority will receive 40% of the book value of their respective claims.
d. Unsecured claims without priority will receive 40% of the book value of their
respective claims
The Statement of Realization and Liquidation differs from the Statement of Affairs because
a. the Statement of Realization and Liquidation reports estimated realizable values rather than
actual liquidation results.
b. the Statement of Realization and Liquidation is a summary of secured debt activity only.
c. the Statement of Realization and Liquidation is prepared only at final completion of the
liquidation process.
d. the Statement of Realization and Liquidation reports actual liquidation results rather
than estimated realizable values.
The document used by a trustee to report periodically on the status of fiduciary activities is called a(n)
Equipment with a book values of $120,000 is sold in a liquidation process for cash of $110,000. This
equipment was security for a$150,000 bank loan. Any remainder is consider unsecured without
priority. How would this transaction be reported on the Statement of Realization and Liquidation?
1. XYZ Company
2. G Company
Assets
APFSC-FSC 15,000
Unpledged Assets 44,000
Total Free Assetes 59,000