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Category > Accounting Posted 24 Apr 2017 My Price 5.00

Statement of realization and liquidation

Exercise 10 (LO 5) Statement of realization and liquidation, dividend to unse- cured creditors without priority. A partially completed statement of realization and liquidation is as follows:

 

The Rodak Corporation Statement of Realization and Liquidation

For Period July 1, 20X9, to August 12, 20X9

 

Liabilities

Assets                                                                                                     Unsecured

 

Fully

Partially

With

Without

Owners’

 

Cash

Noncash

Secured

Secured

Priority

Priority

Equity
               

 

Beginning balances, assigned July 1, 20X9 . . . . . . $12,000 $590,000 $200,000 $175,000  $54,000  $150,000  $23,000 Cash receipts: Sale of inventory . . . . . . . . . . . . . . .                                                                     30,000           (25,000)                                                                                                                                   5,000

The following additional transactions have occurred through August 12, 20X9:

a.    Receivables collected amounted to $39,000. Receivables with a book value of $15,000 that were not allowed for were written off.

b.    A $12,000 loan that was fully secured was paid off.

c.    A valid claim was received from a leasing company seeking payment of $15,000 for equip- ment rentals.

d.     Securities costing $18,000 were sold for $23,000, minus a brokerage fee of $500.

e.    Depreciation on machinery was $3,200.

f.    Payments on accounts payable totaled $25,000, of which the entire amount was secured by the inventory sold.

g.    Machinery that originally cost $85,000 and had a book value of $45,000 sold for $36,000.

h.     Proceeds from the sale of machinery in (g) were remitted to the bank, which holds a

$50,000 loan on the machinery.

1.     Update the statement of realization and liquidation to properly reflect transactions (a) through (h).

2.     Assuming the remaining noncash assets can be realized for $410,000, determine the esti- mated dividend to be received by unsecured creditors without priority.

 

Answers

Alpha Geek
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Status NEW Posted 24 Apr 2017 04:04 PM My Price 5.00

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file 1493052636-Answer.docx preview (341 words )
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