Provide correct option with calculation step by step At the beginning of the year, owner's equity totaled $135,000. During the year, netincome was $42,000, and dividends of $31,000 were declared and paid. What is theowner's equity at the end of the year?a. $140,000b. $146,000c. $157,000d. $168,000

Step 1: Definition of Owner's EquityOwner's equity represents the residual interest in the assets of…

Answered: At the beginning of the year, owner's…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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At the beginning of the year, owner's equity totaled $135,000. During the year, net income was $42,000, and dividends of $31,000 were declared and paid. What is the owner's equity at the end of the year? a. $140,000 b. $146,000 c. $157,000 d. $168,000