Compute for the free assets before deducting liabilities

Assignment Help Accounting Basics
Reference no: EM132585423

S company was to be liquidated had the following liabilities:

Income taxes P 10 000

notes payable secured by land 100 000

accounts payable 51 050

salaries payable (P 10 950 for employee 1 and P 2 000 for employee 2 ) 12 950

administrative expense for liquidation 20 000

the company had the following assets

                              Book Values          Fair Values

Current Assets           P 100 000          P 95 000

Land                          50 000           75 000

Building                      150 000            20 000

Question 1: Compute for the free assets, before deducting liabilities with priorities.

Reference no: EM132585423

Questions Cloud

What is the firm weighted-average cost : Type 2D: Here is a book balance sheet for Parker Associates. Figures are in millions.
What are some specific recommendations to lynn : What are some specific recommendations to Lynn.Alice Hawkins, president of Realon Co., went to a conference on tax planning.
Invest in a treasury note : Treasury bills and Treasury notes are an investment security issued by the U.S. government. A Treasury bill matures
Dunkin brands competitor analysis : Companies gather and interpret information about their competitors. Dunkin Brands is a collaboration of Dunkin Doughnuts and Baskin Robbins.
Compute for the free assets before deducting liabilities : Compute for the free assets, before deducting liabilities with priorities.salaries payable (P 10 950 for employee 1 and P 2 000 for employee 2 )
What is the current stock price : The required rate of return on equity (rS) is 10 percent. What is the current stock price (P0)?
Online transaction processing-online analytical processing : Describe the differences between online transaction processing (OLTP) and online analytical processing (OLAP).
Decide whether the matrix A is invertible : Decide whether the matrix A is invertible, and if so, use the ad-joint method to find its inverse
What is the net present value of the more attractive choice : A prospective MBA student earns $45,000 per year in her current job and expects that amount to increase by 12% per year.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd