Precision Camera Services started the year with total assets of $120,000 and total liabilities of $40,000.The company is a sole proprietorship.The revenues and the expenses for the year amounted to $140,000 and $50,000,respectively.During the year,there were no new capital contributions and the owner withdrew $45,000.What is the amount of owner's equity at the end of the year?
A) $50,000
B) $140,000
C) $125,000
D) $45,000

Question

Quizplus · Accepted Answer

C) Owner, Capital, Ending Balance = Owner, Capital (beginning balance) - Owner, Withdrawals + Revenues - Expenses 11ea8873_d430_dcde_bb89_d7ea1630da6b_TB5026_00

Precision Camera Services Started the Year with Total Assets of $120,000