On January 1 of the Current Year,Jimmy's Sandwich Company Reported

question 158

Multiple Choice

On January 1 of the current year,Jimmy's Sandwich Company reported owner's capital totaling $122,500.During the current year,total revenues were $96,000 while total expenses were $85,500.Also,during the current year Jimmy withdrew $20,000 from the company.No other changes in equity occurred during the year.If,on December 31 of the current year,total assets are $196,000,the change in owner's capital during the year was:

• A)A decrease of $9,500.
• B)An increase of $9,500.
• C)An increase of $30,500.
• D)A decrease of $30,500.
• E)An increase of $73,500.