Drexel inc. begins liquidation activities and adopts the liquidation basis of accounting. the book value of its assets totaled $500,000, including $5,000 in cash, and the book value of its liabilities totaled $490,000. expected proceeds from reported assets other than cash at october 1, 2020 were: receivables, $50,000; inventory, $120,000; and plant and equipment, $200,000. expected costs of liquidating assets were $20,000.
during the three months ending december 31, 2020, the company collected $15,000 in receivables, sold inventory for $50,000, and paid liquidation costs of $6,000. reported liabilities of $60,000 were paid. at december 31, 2020, estimated valuations on remaining assets, other than cash, and liabilities are as follows:
receivables, $30,000
inventory, $54,000
plant and equipment, $194,000
newly identified unreported assets can be liquidated for an estimated $4,000. expected remaining costs of liquidating assets are $15,000. a creditor holding a loan with a book value of $35,000 agrees to accept $20,000 as full payment.
required:
a. prepare a statement of changes in net assets in liquidation as of december 31, 2020.
b. prepare a statement of net assets in liquidation as of december 31, 2020.

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

Plastic and steel are substitutes in the production of body panels for certain automobiles. if the price of plastic increases, with other things remaining the same, we would expect: a) the demand curve for plastic to shift to the left. b) the price of steel to fall. c) the demand curve for steel to shift to the left d) nothing to happen to steel because it is only a substitute for plastic. e) the demand curve for steel to shift to the right

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.