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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 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?

FINANCIAL ACCOUNTING
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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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? 

 

CHOICES:

P92,000
P55,000
P118,000
P12,000
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