Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, orange crates had assets of p30,000

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

50.1K

Verified Solution

Question

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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

We have a system of two identical particles which are in the individual states of |φ...

Basic Math
1.2K views

write two paragraph reactions to the suicide

Accounting
1.2K views

The case study of Pure Organic food and Juice Bar : The four key questions that...

Physics
1.2K views

A parallel plate capacitor consists of two parallel square plates that have dimensions 1 0...

Basic Math
1.2K views

One inlet pipe can fill an empty pool in 6 hours, and a drain can...

Calculus
1.2K views

Listen Integrate f Otan x c O 3 64 Otan x c tan x c...

Calculus
1.2K views

B B C D If the distance from D to D is 10 and the...

Algebra
1.2K views

The table shows an angle measure in corresponds to 1 full rotation Complet x Clear...

Algebra
1.2K views

Problem 1 Let P be the point 1 3 3 Suppose that the point Po...

Accounting
1.2K views

Recording jobs completed The following account appears in the ledger after only part of the...

Accounting
1.2K views

Wanhoe Corporation is reviewing an imestment proposal. The invial cost is 5107,100 . Estimates of...

Accounting
1.2K views

Granfield Company has a piece of manufacturing equipment with a book value of $38,000 and...