At the beginning of the year, the assets of MM Services were P495,765 and its owner's equity was P257,321. During the year, assets increases by P123,456 and liabilities increased by P25,699. What was the owner's equity at the end of the year?

At the beginning of the year, the assets of MM Services were P495,765 and its owner's equity was P257,321. During the year, assets increases by P123,456 and liabilities increased by P25,699. What was the owner's equity at the end of the year?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 6E: The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal...

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Help me answering this, thank you.

At the beginning of the year, the assets of
MM Services were P495,765 and its owner's
equity was P257,321. During the year, assets
increases by P123,456 and liabilities
increased by P25,699. What was the
owner's equity at the end of the year?

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