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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 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:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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

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: 

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