Reference no: EM132942612
Question - Refer to the following data of Lyca Company:
Assets to be realized P 1,300,000
Assets acquired 800,000
Assets realized 1,400,000
Assets not realized 1,500,000
Liabilities assumed 1,600,000
Liabilites liquidated 1,900,000
Liabilities not liquidated 1,700,000
Liabilities to be liquidated 2,300,000
Supplementary charges 2,900,000
Supplementary credits 3,000,000
Compute the beginning cash balance assuming that the ending balances of ordinary share and retained earnings are 1,200,000 and (400,000), respectively.
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