How much is shareholders’ equity, beg. assuming that the cash balance, ending amounted to P50,000?
How much is shareholders’ equity, beg. assuming that the cash balance, ending amounted to P50,000?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 shareholders’ equity, beg. assuming that the cash balance, ending amounted to P50,000?
a. P118,000
b. P12,000
c. P92,000
d. P55,000
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