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 P640,000 shareholders' equity 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)?

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 P640,000 shareholders' equity 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)?

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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