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

Name: Precision Camera Services started the year with total assets of $120,
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Description: 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 yea

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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