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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 proprietor ship. 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 with Drew 45,000. What is the amount of the owners equity at the end of the year?

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

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