realization and liquidation and supporting schedules for

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Description

STATEMENT OF
REALIZATION AND
LIQUIDATION
SELORIO, ALFIE N.
Discussant

realization and liquidation and supporting schedules for Caspar and
Kalman in the alternative form
a. The opening balance sheet on October 1is as follows:
Assets
Stockholders Equity

Liabilities and

Cash

P 5 000

Notes Payable

P 25 000
Marketable Securities
000

20 000 Accounts Payable

Accounts Receivable
500

25 000

Merchandise
30 000

40 000

Furniture & Fixture(net)
10 000

10 000

Total

P 100 000

34

Accrued Interest on N/P
Gaspar, Capital
Kalman, Capital
Total

b. Maketable Securities are sold for P 11 500
c. Merchandise sales are as follows: cash sales P 8 500, sales on
account P 6 500
d. Collections of P 12 000 are made from customers, accounts of
P 400 are written off as worthless.
e. Payment of P 10 000 is made on notes payable and P 300 for
accrued interest
f. Payment of P 21 500 is made on account
g. Payment of P 2 200 is made for expense
h. at the end of October the following adjusting date are
recognized:
Merchandise on hand is valued at P 22 500
Accrued interest on notes payable on this date is P 330
Depreciation of Furniture & Fixture for October is P 250

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