Forever's Not Enough Co. is undergoing liquidation since January 1, 2018. Its condensed statement of realization and liquidation as of March 31, 2018, showed: Assets to be realized 1,375,000 Liabilities not liquidated 1,700,000 250,000 Liabilities to be liquidated 2,250,000 Assets acquired Assets realized 1,200,000 Liabilities assumed 1,625,000 Assets not realized 400,000 Supplementary charges 500,000 Liabilities liquidated 1,875,000 Supplementary credits 655,000 If cash beginning balance is 1,500,000, how much is the shareholders' equity on January 1, 2018?
Forever's Not Enough Co. is undergoing liquidation since January 1, 2018. Its condensed statement of realization and liquidation as of March 31, 2018, showed: Assets to be realized 1,375,000 Liabilities not liquidated 1,700,000 250,000 Liabilities to be liquidated 2,250,000 Assets acquired Assets realized 1,200,000 Liabilities assumed 1,625,000 Assets not realized 400,000 Supplementary charges 500,000 Liabilities liquidated 1,875,000 Supplementary credits 655,000 If cash beginning balance is 1,500,000, how much is the shareholders' equity on January 1, 2018?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Forever's Not Enough Co.
Transcribed Image Text:Forever's Not Enough Co. is undergoing liquidation since January 1, 2018. Its condensed statement of realization and
liquidation as of March 31, 2018, showed:
Assets to be realized 1,375,000
Liabilities not liquidated
1,700,000
Assets acquired
250,000
Liabilities to be liquidated
2,250,000
Assets realized
1,200,000
Liabilities assumed
1,625,000
Assets not realized
400,000
Supplementary charges
500,000
Liabilities liquidated 1,875,000
Supplementary credits
655,000
If cash beginning balance is 1,500,000, how much is the shareholders' equity on January 1, 2018?
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