Vista Camera Services started the year with total assets of $90,000 and total liabilities of $65,000.The revenues and the expenses for the year amounted to $120,000 and $50,000,respectively.During the year,the owner did not make any additional contributions,but made withdrawals of $55,000.What is the amount of owner's equity at the end of the year?
A)$50,000
B)$120,000
C)$40,000
D)$55,000

Question

Quizplus · Accepted Answer

C)Equity (ending balance)= Equity (beginning balance)+ Contributions - Withdrawals + Revenues - Expenses 11ea8a42_4eea_3d4d_8b44_27f98d1e429d_TB5024_00

Vista Camera Services Started the Year with Total Assets of $90,000