Answered step by step
Verified Expert Solution
Question
1 Approved Answer
at january 1, a sole proprietorships assets totaled P210,000 and its liabilities amounted to P120,000. During the year, owner investments amounted to P72,000 and OWNER
at january 1, a sole proprietorships assets totaled P210,000 and its liabilities amounted to P120,000. During the year, owner investments amounted to P72,000 and OWNER WITHDRAWALS totaled P75,000. At year-end, assets totaled P270,000, and liabilities amounted to P171,000. the amount of net income for the year was?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started