ABC Company filed for liquidation with the Philippine Securities and Exchange Commission.Its latest statement of financial position provided the following information:Current assetsP160,000Non-current assets400,000Goodwill80,000Total assetsP640,000Accounts payableP320,000Mortgage payable400,000Share capital200,000Deficit(280,000)Total liabilities andP640,000shareholders' equityAdditional 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 ofP480,000 and is used as a security for the mortgage payable.How much is the estimated estate equity (estatedeficit)?

ABC.Company Balance Sheet Liabilities Amount Assets Amount Accounts…

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. w much is the estimated estate equity (estate ficit)?

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. w much is the estimated estate equity (estate ficit)?

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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