Reference no: EM133150428
Question - DARLING, a receiver is appointed for UMAY CORPORATION on July 1, at which time the following trial balance was prepared from the general ledger:
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Trial Balance
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Cash
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P75,000
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Notes Receivable
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150,000
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Accounts Receivable
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500,000
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Merchandise Inventory
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1,200,000
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Investments in Stocks
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250,000
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Plant and Equipment
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2,200,000
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Accumulated depreciation
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P450,000
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Notes Payable
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500,000
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Accounts Payable
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2,500,000
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Share Capital, par value P20
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2,000,000
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Retained Earnings
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(1,075,000)
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P4,375,000
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P4,375,000
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Additional Information:
1. Accrued expenses not recorded as of this date, amount to P 60,000 of which P 20,000 is for property taxes and P 25,000 is for wages for the past month.
2. The investments have a market value of P 250,00 and have been pledged as collateral on a note for P 200,000.
3. Accounts receivable of P350,000 have been assigned as security for the remainder of the notes payable.
4. It is estimated that 90% of the notes receivable, 95% of the assigned accounts receivables and 75% of the remaining accounts receivable will be collected.
5. A quick sale of the inventory will realize P 500,000 and of the plant and equipment, P1,050,000. The corporation also owns a patent not recorded on the books which is expected to realize P 20,000.
Required - What is the estimated deficiency to unsecured creditors?
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