The following information were taken from the statement of realization and liquidation of ABC Company for the quarter ended March 31, 2022: Assets to be realized P 650,000 Assets acquired 700,000 Assets realized 850,000 Assets not realized 300,000 Liabilities to liquidated 1,080,000 Liabilities assumed 360,000 Liabilities not liquidated 900,000 Liabilities liquidated 720,000 Supplementary income 1,020,000 Supplementary expenses 934,000 The ending balances of share capital and retained earnings are P600,000 and P120,000, respectively. How much is the net income (loss) during the quarter?
The following information were taken from the statement of realization and liquidation of ABC Company for the quarter ended March 31, 2022: Assets to be realized P 650,000 Assets acquired 700,000 Assets realized 850,000 Assets not realized 300,000 Liabilities to liquidated 1,080,000 Liabilities assumed 360,000 Liabilities not liquidated 900,000 Liabilities liquidated 720,000 Supplementary income 1,020,000 Supplementary expenses 934,000 The ending balances of share capital and retained earnings are P600,000 and P120,000, respectively. How much is the net income (loss) during the quarter?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information were taken from the statement of realization and liquidation of ABC Company for the quarter ended March 31, 2022:
|
Assets to be realized |
P 650,000 |
|
Assets acquired |
700,000 |
|
Assets realized |
850,000 |
|
Assets not realized |
300,000 |
|
Liabilities to liquidated |
1,080,000 |
|
Liabilities assumed |
360,000 |
|
Liabilities not liquidated |
900,000 |
|
Liabilities liquidated |
720,000 |
|
Supplementary income |
1,020,000 |
|
Supplementary expenses |
934,000 |
The ending balances of share capital and
How much is the net income (loss) during the quarter?
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