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. Requirements: 1. The amount of Assets not realized is: 2. The amount of Net Income or (Net Loss) is:
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. Requirements: 1. The amount of Assets not realized is: 2. The amount of Net Income or (Net Loss) is:
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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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
Requirements:
1. The amount of Assets not realized is:
2. The amount of Net Income or (Net Loss) is:
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