On January 1, Orange Crates had assets of P30,000 and owners equity of P20,000. During...
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Accounting
On January 1, Orange Crates had assets of P30,000 and owners equity 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 owners equity at the end of the year?
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