Answer Happy

Problem 1; Answer questions related to a liquidation and
realization statement with the following information of Johnson
Inc.:
Balance Sheet as on Dec 31, 2016:
Assets
Cash


$
9.000
Accounts receivable (30,000 - 7,500)
22,500
Inventory


285,300
Property & Equipment (181,200 - 73,650)
107,550
Owners' Equity.
Capital Stock


270,000
Retained earnings (deficit)

(132,000)
Note: Assume that there are no liabilities in this
problem.
The trustee who is appointed for liquidation, provided the
following additional information:
1. The trustee sold all of Johnson's inventory for $306,000 of
which $150,000 represented credit sales.
2. Cash collected on old receivables: $ 22,500, and on new
receivables: $64,500.
3. Trustee expenses paid during liquidation: $ 29,700
4. The trustee recorded depreciation expense of $5,250.
5. Estimated uncollectibles on new receivables are $4,500, the
trustee wrote off all the remaining accounts receivables.
6. The trustee sold off all the property and equipment for
$87,000.
Required:
1. List all the assets to be reported under New Assets (along with
their amounts). [2]
2. List all the assets to be reported under Assets Sold (along with
their amounts). [9]
3. List all the assets to be reported under Assets Not Sold (along
with their amounts). [3]
4. Calculate the "loss" to be reported under Supplementary credits.
Give the list of all the gains and losses this amount is made up
of