Reference no: EM133140280
Question 1 - MARIGOLD INCORPORATED is undergoing liquidation since June 1, 2022. Its condensed statement of realization and liquidation as of September 30, 2022 show:
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Interest Expense
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P350,000
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Assets Realized
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P1,100,000
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Assets Acquired
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500,000
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Interest Income
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125,000
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Liabilities not Liquidated
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700,000
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Sales on Account
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400,000
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Cash Sales
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75,000
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Liabilities Liquidated
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800,000
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Assets to be Realized
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1,250,000
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Liabilities Assumed
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750,000
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Liabilities to be Liquidated
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1,250,000
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Purchases (60% on account)
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450,000
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Assets not Realized
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400,000
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Administrative Expenses
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20,000
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Required - What is the net income (loss) for the period ending September 30, 2022?
Question 2 - The following data were taken from the statement of realization and liquidation of XYZ Corporation for the quarter ended September 30, 2008:
Assets to be realized P330,000
Assets acquired 360,000
Assets realized 420,000
Assets not realized 150,000
Liabilities to be liquidated 540,000
Liabilities assumed 180,000
Liabilities liquidated 360,000
Liabilities not liquidated 450,000
Supplementary credits 510,000
Supplementary charges 468,000
The ending balances of capital stock and retained earnings are P300,000 and P120,000, respectively.
Required -
1. What is the net income (loss) for the period?
2. How much is the ending balance of cash?
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