A statement of realization and liquidation has been prepared for the RESTLESS Corporation. The following information is available: Assets to be realized- P60,000 Liabilities assumed- P50,000 Assets acquired- P40,000 Liabilities not liquidated- P40,000 Assets realized- P55,000 Liabilities to be Liquidated- P80,000 Assets not realized- P15,000 Liabilities liquidated- P60,000 Supplementary credits- P110,000 Supplementary Charges- P97,000   How much is the net increase (decrease) in retained earnings?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A statement of realization and liquidation has been prepared for the RESTLESS Corporation. The following information is available:

Assets to be realized- P60,000

Liabilities assumed- P50,000

Assets acquired- P40,000

Liabilities not liquidated- P40,000

Assets realized- P55,000

Liabilities to be Liquidated- P80,000

Assets not realized- P15,000

Liabilities liquidated- P60,000

Supplementary credits- P110,000

Supplementary Charges- P97,000

 

How much is the net increase (decrease) in retained earnings?

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