ROBL MOVING ON Co. has been undergoing liquidation since January 1. As of March 31, its condensed statement of realization and liquidation is presented below. Assets: Assets to be realized Assets acquired Assets realized P206,250 112,500 180,000 206,250 Assets not realized Liabilities: Liabilities liquidated Liabilities not liquidated Liabilities to be 281,250 255,000 337,500 liquidated Liabilities assumed 243,750 Revenue and expenses: Supplementary charges Supplementary credits 468,750 420,000 16. The net gain (loss) for the three-month period ending March 31 is A. (25,000) B. 25,000 C. (63,750) D. 63,750

ROBL MOVING ON Co. has been undergoing liquidation since January 1. As of March 31, its condensed statement of realization and liquidation is presented below. Assets: Assets to be realized Assets acquired Assets realized P206,250 112,500 180,000 206,250 Assets not realized Liabilities: Liabilities liquidated Liabilities not liquidated Liabilities to be 281,250 255,000 337,500 liquidated Liabilities assumed 243,750 Revenue and expenses: Supplementary charges Supplementary credits 468,750 420,000 16. The net gain (loss) for the three-month period ending March 31 is A. (25,000) B. 25,000 C. (63,750) D. 63,750

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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