The following information was taken from the statement of realization and liquidation of Jury and John Bombastix Co. which is undergoing liquidation: ASSETS: Assets to be realized Assets acquired Assets realized 8,000,000 60,000 4,720,000 880,000 Assets not realized LIABILITIES: Liabilities liquidated Liabilities not liquidated Liabilities to be liquidated 8,520,000 4,760,000 11,480,000 128,000 Liabilities assumed SUPPLEMENTARY ITEMS: Supplementary expenses Supplementary income 100,000 72,000 How much is the net gain (loss) for the period?

The following information was taken from the statement of realization and liquidation of Jury and John Bombastix Co. which is undergoing liquidation: ASSETS: Assets to be realized Assets acquired Assets realized 8,000,000 60,000 4,720,000 880,000 Assets not realized LIABILITIES: Liabilities liquidated Liabilities not liquidated Liabilities to be liquidated 8,520,000 4,760,000 11,480,000 128,000 Liabilities assumed SUPPLEMENTARY ITEMS: Supplementary expenses Supplementary income 100,000 72,000 How much is the net gain (loss) for the period?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 8RE

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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- P50,000Assets acquired- P40,000               Liabilities not liquidated- P40,000Assets realized- P55,000                Liabilities to be Liquidated- P80,000Assets not realized- P15,000               Liabilities liquidated- P60,000Supplementary credits- P110,000               Supplementary Charges- P97,000How much is shareholders’ equity, beg. assuming that the cash balance, ending amounted to P50,000? CHOICES: P92,000 P55,000 P118,000 P12,000
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- P50,000Assets acquired- P40,000               Liabilities not liquidated- P40,000Assets realized- P55,000                Liabilities to be Liquidated- P80,000Assets not realized- P15,000               Liabilities liquidated- P60,000Supplementary credits- P110,000               Supplementary Charges- P97,000How 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
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- P50,000Assets acquired- P40,000               Liabilities not liquidated- P40,000Assets realized- P55,000                Liabilities to be Liquidated- P80,000Assets not realized- P15,000               Liabilities liquidated- P60,000Supplementary credits- P110,000               Supplementary Charges- P97,000How much is the net increase (decrease) in retained earnings?
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 the net increase (decrease) in retained earnings?
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- P50,000Assets acquired- P40,000 Liabilities not liquidated- P40,000Assets realized- P55,000 Liabilities to be Liquidated- P80,000Assets not realized- P15,000 Liabilities liquidated- P60,000Supplementary credits- P110,000 Supplementary Charges- P97,000How much is shareholders’ equity, beg. assuming that the cash balance, ending amounted to P50,000?
Accounting The Statement of Realization and Liquidation for NMCC Corporation is as follows:▪Assets to be realized P 720,000▪Assets acquired 480,000▪Assets realized 660,000▪Assets not realized ?▪Liabilities to be liquidated 960,000▪Liabilities liquidated 840,000▪Liabilities assumed 600,000▪Liabilities not liquidated 1,320,000▪Supplementary credits 1,320,000▪Supplementary debits 1,260,000 Retained earnings decreased by P 144,000. The ending balance of common stock and retained earnings are P1,200,000 and (P900,000) respectively. 1. The beginning balance of cash is:2. The ending balance of cash is:
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The statement of realization and liquidation of Honesty Co. are as follows: P1,700,000 Liabilities not liquidated Liabilities assumed Assets to be realized Assets acquired Assets realized Assets not realized Liabilities liquidated 300,000 1,100,000 1,200,000 1,600,000 Liabilities to be liquidated Supplementary charges Supplementary credits P1,400,000 1,500,000 2,000,000 2,500,000 1,950,000 What is the beginning balance of cash account assuming that Ordinary Share Capital is P1,500,000 and deficit, ending is P400,000?
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