ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and shareholders’ equity P640,000 Additional information: 75% of the current assets are non-cash assets with a net realizable value of P75,000. The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the estimated estate equity (estate deficit)? NOTE: Use parenthesis for estate deficit EXAMPLE: If your answer is an estate deficit of Php123,456.78 write (123457)
ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest statement of financial position provided the following information: Current assets P160,000 Non-current assets 400,000 Goodwill 80,000 Total assets P640,000 Accounts payable P320,000 Mortgage payable 400,000 Share capital 200,000 Deficit (280,000) Total liabilities and shareholders’ equity P640,000 Additional information: 75% of the current assets are non-cash assets with a net realizable value of P75,000. The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable. How much is the estimated estate equity (estate deficit)? NOTE: Use parenthesis for estate deficit EXAMPLE: If your answer is an estate deficit of Php123,456.78 write (123457)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
59.
ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest
|
Current assets |
P160,000 |
|
Non-current assets |
400,000 |
|
|
80,000 |
|
Total assets |
P640,000 |
|
|
|
|
Accounts payable |
P320,000 |
|
Mortgage payable |
400,000 |
|
Share capital |
200,000 |
|
Deficit |
(280,000) |
|
Total liabilities and shareholders’ equity |
P640,000 |
Additional information:
- 75% of the current assets are non-cash assets with a net realizable value of P75,000.
- The non-current assets are composed of real properties which has a fair value of P480,000 and is used as a security for the mortgage payable.
How much is the estimated estate equity (estate deficit)?
NOTE: Use parenthesis for estate deficit
EXAMPLE: If your answer is an estate deficit of Php123,456.78 write (123457)
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