Precision Camera Services started the year with total assets of $120,000 and total liabilities of $65,000, The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $70,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? O A. $120,000 O B. $70,000 Oc. $50,000 O D. $55,000
Precision Camera Services started the year with total assets of $120,000 and total liabilities of $65,000, The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $70,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? O A. $120,000 O B. $70,000 Oc. $50,000 O D. $55,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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