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ACSTRAN - Realization and Liquidation
ACSTRAN - Realization and Liquidation
On February
the following information was available:
Cash 112,000.00
Assets Not Realized:
Accounts Receivable 80,000.00
Merchandise Inventory 160,000.00
Investment in Common Stocks 26,400.00
Land 100,000.00
Buildings 60,000.00
Machinery and Equipment 48,000.00
During the six-month period ending July 31, 2016, the trustee sold the Investment in Common Stock for P26,000,
P84,000 for the accounts receivable, sold the merchandise for P152,000, and paid-off P26,000 of the bank loan
liabilities with priorities (salaries, and wages payable, taxes payable) as well as P7,440 for estate administration ex
Liquid Company
Statement of Realization and Liquidation
ASSETS
Assets to be Realized
Accounts Receivable 80,000.00
Merchandise Inventory 160,000.00
Investment in Common Stocks 26,400.00
Land 100,000.00
Buildings 60,000.00
Machinery and Equipment 48,000.00
Total 474,400.00
LIABILITIES
Liabilities Liquidated
Salaries and Wages 40,000.00
Taxes Payable 8,000.00
Bank Loan 26,000.00
Total 74,000.00
TOTAL 1,241,840.00
6, the trustee sold the Investment in Common Stock for P26,000, realized
merchandise for P152,000, and paid-off P26,000 of the bank loan and all
able, taxes payable) as well as P7,440 for estate administration expenses.
Liquid Company
nt of Realization and Liquidation
ASSETS
Assets that were Realized
Accounts Receivable 84,000.00
Merchandise Inventory 152,000.00
Investment in Common Stock 26,000.00
Total 262,000.00