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On January 1, Orange Crates had assets of P30,000 and owner’s equity of P20,000. During the year,...

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Accounting

On January 1, Orange Crates had assets of P30,000 and owner’sequity of P20,000.
During the year, the company had cash revenue or income of P10,000,cash expenses of
P8,000, paid 3,000 to its creditors, and its owner withdrew P1,000.What are the assets,
liabilities, and owner’s equity at the end of the year?

Answer & Explanation Solved by verified expert
3.9 Ratings (801 Votes)
Assets as on January 1 P 30000 Owners Equity as on January 1 P 20000 Liabilities as on January 1 Assets Owners Equity P 30000 P 20000 P 10000    See Answer
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