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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?

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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