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During the year there were no new capital contributions and

Question - 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

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Accounting Basics: During the year there were no new capital contributions and

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Accounting Basics: During the year there were no new capital contributions and

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