Reference no: EM132980405
Question - Cagayan Company is experiencing financial problems which resulted to ultimate bankruptcy. The statement of financial position of the entity before liquidation is presented below:
Cash P100,000 Income tax payable P200,000
Inventory 300,000 Salaries payable 300,000
Land 200,000 Note payable 800,000
Mortgage payable 100,000
Accounts payable 400,000
Contributed capital 500,000
Deficit (1,700,000)
The note payable is secured by the inventory with net realizable value of P250,000.
The mortgage payable is secured by the land with fair value of P120,000.
Required -
1. What is the amount received by the holder of the note payable at the end of corporate liquidation?
A. P320,000 B. P300,000 C. P250,000 D. P260,000
2. What is the amount received by the holder of the mortgage payable at the end of corporate liquidation?
A. P120,000 B. P200,000 C. P150,000 D. P100,000
3. What is the amount received by the employees at the end of corporate liquidation concerning their salaries?
A. P100,000 B. P120,000 C. P72,000 D. P300,000
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