$ 80,000 Cash..... Interest receivable.... Life insurance policy 300,000 200,000 50,000 110,000 Residence... Shares of Coca-Cola Company Shares of Polaroid Corporation .... Shares of Ford Motor Company. 140,000
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Jerry Tasch’s will has the following provisions:
- $150,000 in cash goes to Thomas Thorne.
- All shares of Coca-Cola go to Cindy Phillips.
- Residence goes to Kevin Simmons.
- All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.
Prepare
- Discovered the following assets (at fair value):
- Collected interest of $7,000.
- Paid funeral expenses of $20,000.
- Discovered debts of $40,000.
- Located an additional savings account of $12,000.
- Conveyed title to the residence to Kevin Simmons.
- Collected life insurance policy.
- Discovered additional debts of $60,000. Paid debts totaling $100,000.
- Conveyed cash of $150,000 to appropriate beneficiary.
- Sold the shares of Polaroid for $112,000.
- Paid administrative expenses of $10,000.
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- 19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4,500,000 P300,0000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,00012. What is the future value in 180 days of $200,000 deposited now at 9% p.a. simple interest? Select one: a. $191,500.52 b. $209,000.00 c. $218,000.00 d. $208,876.7114. What is the present value of $250,000 received in 250 days at 12% p.a. simple interest? Select one: a. $250,000.00 b. $231,012.66 c. $201,905.00 d. $213,012.66
- 13. On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Accounts receivable . . . . . . . . . . . . . . . . . . . 180,000 Capitalized software costs. . . . . . . . . . . . . . . 320,000 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . (130,000) Net assets . . . . . . . . . . . . . . . . . . . . . . . . . … $620,000 On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill? A. $320,000. B. $120,000. C. $80,000. D. $20,000.Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…current liabilities accounta payable $620,000 notes payables to bank $ 130,000 accrued wages.....? taxes owed $100,000 total current $1,250,000 long term debt..? stockholders equity ..? reaatained earnings..? coommon stock(1 par, 750,000 share authorized, 700,000 outstanding)..? ratained earning..? total stockholders equity $3,140,000 total liabilities and equity..?
- How much was the benefits paid to retirees during the year? *a. P 300,000b. P 250,000c. P 280,000d. P 330,000What is the premium expense for the current year?* a. 4,000,000 b. 4,500,000 c. 18,000,000 d. 16,000,000The Dividend income/investment income for 20x1: A. 88,500 B. 65,000 C. 61,600 D. 40,000
- Peoples Bank Ltd.Balance sheetAs at 31/03/2021Assets $(000) Liab. & Equity $(000)Cash 50,000 Payables 50,000Short term Invest 50,000 short term deposits 500,000Long term Invest. 180,000 long term deposits. 180,000Loans 550,000 Long-term bonds 50,000Other 50,000 Equity 100,000Total 880,000 880,000 The long-term investment portfolio comprises shares in an associate company (25%), azero-coupon bond (25%), government fixed rate bonds (40) and shares in publicly tradedcompanies (10%).The loan portfolio is composed as follows: 10% residential mortgages, 50% consumerand 40% commercial. The loan portfolio has a 5% delinquency, and the average return is8%. Fixed rate loans are 60% and floating rate 40%.Deposits are primarily short term. The renewal rate is declining and expected to continueinto the medium term. The average deposit rate is 4%.Interest rates are expected to rise in the short term for both, loans and deposits. A. Recommend to management two strategies to reduce each risk B.…Accounts payable $466,000Notes payable $250,000Current liabilities $716,000Long-term debt $1,166,000Common equity $4,883,000Total liabilities and equity $6,765,000 a. What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? Question content area bottom Part 1 a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is 27.827.8%. (Round to one decimal place.) Part 2 b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? The new debt ratio will be enter your response here%. (Round to one decimal place.)Question 10. Paid $75,000 to the Golf Course Enterprise Fund to cover its operating deficit for the year. Transfer to Enterprise Fund.................................................................. Enter amount Cash................................................................................ Enter amount To record transfer out.