Question
Problem 1. A Statement of Realization and Liquidation has been prepared for FJK Company. The totals are given below: Assets to be realized 60,000 Liabilities
Problem 1. A Statement of Realization and Liquidation has been prepared for FJK Company. The totals are given below:
| Assets to be realized | 60,000 | Liabilities assumed | 50,000 |
| Assets acquired | 40,000 | Liabilities not liquidated | 65,000 |
| Assets not realized | 80,000 | Supplementary credits | 110,000 |
| Liabilities to be liquidated | 80,000 | Supplementary charges | ? |
Retained earnings increased to P15,000. The beginning balance of Share Capital and Retained Earnings are P100,000 and (P85,000), respectively.
- How much is the ending cash balance?
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
10th Edition
0131457349, 978-0131457348
