[HELP PLEASE] CASE #1: Lugi Ka Na Company has been forced into…

  

[HELP PLEASE] CASE #1: Lugi Ka Na Company has been forced into… [HELP PLEASE] CASE #1:Lugi Ka Na Company has been forced into bankruptcy as of April 30 because of its inability to pay its debts. The statement of financial position on that date shows:ASSETS LIABILITIES & EQUITYCash5,400 Accounts Payable105,000Accounts Receivable78,700 Notes Payable – PNB30,000Note Receivable37,000 Notes Payable – suppliers102,500Inventory175,700 Accrued wages3,700Prepaid Expenses1,900 Accrued taxes9,300Land and Building122,500 Mortgage Bonds Payable180,000Equipment, net97,600 Common Stock – P100 par150,000   Retained earnings(61,700)Total Assets518,800 Total Liabilities & Equity518,800 Additional Information:a. Accounts receivable of P32,220 and notes receivable of P25,000 are expected to be collectible. The good notes are pledged to Philippine National Bank.b. Inventories are expected to bring in P90,200 when sold under bankruptcy conditions.c. Land and buildings have an appraised value of P190,000. They serve as security on the bonds.d. The current value of the equipment, net of disposal cost is P18,000.e. Estimated legal and accounting fees for the liquidation are P2,000.f. Unrecorded interest on notes payable to supplier amounts to P1,000. Using the above data, compute the following:Total free assetsNet free assetsUnsecured liabilities with priorityUnsecured liabilities without priorityEstimated recovery percentageNet gain (loss) on realizationEstimated deficiencyNet income (loss) on realization liquidationAmount paid to partially secured creditorsAmount paid to unsecured creditors without priorityTotal estimated payment to creditorsTo payment to unsecured creditors CASE #2:The following data were taken from the statement of realization and liquidation of Bagsak Corporation for the three-month period ended December 31:Assets to be realized220,000 liabilities assumed120,000assets acquired240,000 liabilities liquidated240,000assets realized280,000 liabilities not liquidated300,000assets not realized100,000 supplementary credits340,000liabilities to be liquidated360,000 supplementary charges312,000 Based on the above data, compute the following:Net income (loss) for the periodGain (loss) on realization Business Accounting BSA 102 Share (0)