Precision Camera Services Started the Year with Total Assets of $90,000

question 61

Multiple Choice

Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year?

• A) $70,000
• B) $100,000
• C) $15,000
• D) $40,000

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