Jimmy's Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000. During the year the business recorded $420,000 in revenues, $220,000 in expenses, and dividends of $40,000. Stockholders' equity at the end of the year was
A) $240,000.
B) $200,000.
C) $160,000.
D) $180,000.

Question

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The Answer of Jimmy's Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000. During the year the business recorded $420,000 in revenues, $220,000 in expenses, and dividends of $40,000. Stockholders' equity at the end of the year was
A) $240,000.
B) $200,000.
C) $160,000.
D) $180,000.

Jimmy's Repair Shop Started the Year with Total Assets of $200,000