The following are the data before liquidating Lost Corporation:

CashP25,000Accounts payableP325,000

Short term investment75,000Share capital250,000

Accounts receivable150,000Deficit( 75,000)

Inventory250,000-0-

TotalP500,000TotalP500,000

Transactions during liquidation that did not involve cash were as follows:

Sales of merchandise on accountP25,000

Purchase of merchandise account7,500

Cash receipts and disbursements:

Cash receipts:

Sale of merchandiseP125,000

Collections of accounts receivable57,500

Sale of marketable securities92,500

Interest on short- term investment750

Cash disbursement:

Payment of accounts payableP175,000

Payment of expenses of trustee37,500

At the end of the year, assets remaining to be realized and liabilities to be liquidated were as follows:

Accounts receivable, begP150,000

Add: Sales on account25,000

Less: Collection on account57,500

Balance determined to be uncollectible7,500

Accounts receivable-endP110,000

Inventory begP250,000

Add: Inventory acquired7,500

Less: Cost of goods sold157,500

Inventory, endP100,000

Accounts payable begP325,000

Add: Purchases on account7,500

Less: Payment on account175,000

Accounts payable, endP157,500

Accrued expenses ending balanceP1,750

What is the amount of assets to be realized?

Group of answer choices

c. P150,000

b. P475,000

d. P550,000

a. P400,000

The following are the data before liquidating Lost Corporation:

CashP25,000Accounts payable325,000

Short term investment75,000Share capital250,000

Accounts receivable150,000Deficit( 75,000)

Inventory250,000-0-

TotalP500,000TotalP500,000

Transactions during liquidation that did not involve cash were as follows:

Sales of merchandise on accountP25,000

Purchase of merchandise account7,500

Cash receipts and disbursements:

Cash receipts:

Sale of merchandiseP125,000

Collections of accounts receivable57,500

Sale of marketable securities92,500

Interest on short- term investment750

Cash disbursement:

Payment of accounts payableP175,000

Payment of expenses of trustee37,500

At the end of the year, assets remaining to be realized and liabilities to be liquidated were as follows:

Accounts receivable, begP150,000

Add: Sales on account25,000

Less: Collection on account57,500

Balance determined to be uncollectible(7,500)

Accounts receivable-endP110,000

Inventory begP250,000

Add: Inventory acquired7,500

Less: Cost of goods sold157,500

Inventory, endP100,000

Accounts payable begP325,000

Add: Purchases on account7,500

Less: Payment on account175,000

Accounts payable, endP157,500

Accrued expenses ending balanceP1,750

How much was assets realized

Group of answer choices

a. P400,000

b. P475,000

d. P550,000

c. P150,000

The following are the data before liquidating Lost Corporation:

CashP25,000Accounts payable325,000

Short term investment75,000Share capital250,000

Accounts receivable150,000Deficit( 75,000)

Inventory250,000-0-

TotalP500,000TotalP500,000

Transactions during liquidation that did not involve cash were as follows:

Sales of merchandise on accountP25,000

Purchase of merchandise account7,500

Cash receipts and disbursements:

Cash receipts:

Sale of merchandiseP125,000

Collections of accounts receivable57,500

Sale of marketable securities92,500

Interest on short- term investment750

Cash disbursement:

Payment of accounts payableP175,000

Payment of expenses of trustee37,500

At the end of the year, assets remaining to be realized and liabilities to be liquidated were as follows:

Accounts receivable, begP150,000

Add: Sales on account25,000

Less: Collection on account57,500

Balance determined to be uncollectible(7,500)

Accounts receivable-endP110,000

Inventory begP250,000

Add: Inventory acquired7,500

Less: Cost of goods sold157,500

Inventory, endP100,000

Accounts payable begP325,000

Add: Purchases on account7,500

Less: Payment on account175,000

Accounts payable, endP157,500

Accrued expenses ending balanceP1,750

What is the net loss/gain on realization and liquidation?

Group of answer choices

c. P36,000 loss

b. P61,000 loss

a. P15,000 gain

d. P10,000 loss