Scribd
Upload
365 views5 pages

Smith Company Statement of Realization and Liquidation

The document is a statement of realization and liquidation for Smith Company for the three months ended July 31, 20x5. It shows the company liquidated assets, collecting $60,000 of accounts receivable and $170,000 from inventory sales. It used the funds to pay salaries of $60,000 and partially pay down accounts payable and a bank loan. Liabilities were reduced but $34,000 remained with priority and $30,000 without priority. The process resulted in a $30,000 loss to owner's equity.

Uploaded by

TRCLN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
365 views5 pages

Smith Company Statement of Realization and Liquidation

The document is a statement of realization and liquidation for Smith Company for the three months ended July 31, 20x5. It shows the company liquidated assets, collecting $60,000 of accounts receivable and $170,000 from inventory sales. It used the funds to pay salaries of $60,000 and partially pay down accounts payable and a bank loan. Liabilities were reduced but $34,000 remained with priority and $30,000 without priority. The process resulted in a $30,000 loss to owner's equity.

Uploaded by

TRCLN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Ma. Theresa A.

Aclan AST 8:00-9:00 MWF


45022 August 31, 2021

Smith Company
Statement of Realization and Liquidation

ASSETS
Assets to be Realized Assets Realized
Old Receivables,net 50,000.00 Old Receivables 28,000.00
Marketable Securities 20,000.00 New Receivable 65,000.00
Old Inventory 72,000.00 Marketable Securities 15,000.00
Depreciable Assets,net 120,000.00 Sales of Inventory 100,000.00

Assets Acquired Assets not Realized


New Receivable 100,000.00 Old Receivables,net 22,000.00
New Receivable,net 35,000.00
Depreciable Assets 96,000.00

LIABILITIES
Liabilities Liquidated Liabilities to be Liquidated
Old Current Payables 31,000.00 Old Current Payables 65,000.00

Liabilities not Liquidated Liabilities Incurred


Old Current Payables 34,000.00

SUPPLEMENTARY ITEMS
Supplementary Expenses Supplementary Credits
Truster's Fee 6,000.00 Net Loss 7,000.00
_____________ _________________
433,000.00 433,000.00
Statement of Realization and Liquidation
For the Three Months Ended July 31, 20x5

Assets
Assets Cash Non-Cash
Beginning balances assigned 5/1/X5 4,000.00 720,000.00
Cash Receipts
Collection of Accounts Receivable 60,000.00 -70,000.00
Sale of Inventory 170,000.00 -200,000.00
Sale of Land and Building 20,000.00 -340,000.00
Sale of Machinery 70,000.00 -100,000.00

Cash Disbursements
Payment of Salaries Payable -60,000.00
Partial Payment of Accounts Payable -170,000.00
Partial Payment of Bank Loan -70,000.00

ENDING BALANCE 24,000.00 10,000.00


Liabilities
Un
sec
ure
Assets Fully Secured Partially With Priority Without Owner's
Secured Priority Equity
Beginning Balance Assigned 240,000.00 270,000.00 94,000.00 0 120,000.00
Cash Receipts
Collection of Accounts Receivable -10,000.00
Sale of Inventory -30,000.00
Sale of Land and Building -240,000.00 -80,000.00
Sale of Machinery -30,000.00

Cash Disbursements
Payment of Salaries Payable -60,000.00
Partial Payment of Accounts Pay -180,000.00 10,000.00
Partial Payment of Bank Loan -90,000.00 20,000.00

ENDING BALANCE - - 34,000.00 30,000.00 -30,000.00


Statement of Realization and Liquidation
For the Three Months Ended July 31, 20x5
Assets
Assets Cash Non-Cash
Beginning balances assigned 5/1/X5 4,000.00 720,000.00
Cash Receipts
Collection of Accounts Receivable 60,000.00 -70,000.00
Sale of Inventory 170,000.00 -200,000.00
Sale of Land and Building 20,000.00 -340,000.00
Sale of Machinery 70,000.00 -100,000.00

Cash Disbursements
Payment of Salaries Payable -60,000.00
Partial Payment of Accounts Payable -170,000.00
Partial Payment of Bank Loan -70,000.00

ENDING BALANCE 24,000.00 10,000.00


Liabilities
se
cu
Partially Without
Assets Fully Secured Secured With Priority Priority Owner's Equity

Beginning Balance Assigned 240,000.00 270,000.00 94,000.00 0 120,000.00


Cash Receipts
Collection of Accounts Receivable -10,000.00
Sale of Inventory -30,000.00
Sale of Land and Building -240,000.00 -80,000.00
Sale of Machinery -30,000.00

Cash Disbursements
Payment of Salaries Payable -60,000.00
Partial Payment of Accounts Payable -180,000.00 10,000.00
Partial Payment of Bank Loan -90,000.00 20,000.00

ENDING BALANCE - - 34,000.00 30,000.00 -30,000.00

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy