Reference no: EM132894138

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

Problem 1: Compute the beginning cash balance assuming that the ending balances of ordinary share and retained earnings are 1,200,000 and (400,000), respectively.