The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.
The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.
The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.
The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.
