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Precision Camera Services Started the Year with Total Assets of $120,000

question 14

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Precision Camera Services started the year with total assets of $120,000 and total liabilities of $40,000.The company is a sole proprietorship.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 withdrew $45,000.What is the amount of owner's equity at the end of the year?

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Definitions:

High in Extraversion

Describes individuals who exhibit significantly above-average levels of sociability, enthusiasm, and activity compared to others.

Study Habits

The consistent practices or routines that individuals use to acquire and retain information effectively during the learning process.

Conscientiousness Dimension

One of the five major personality traits, describing individuals who are reliable, well-organized, self-disciplined, careful, and responsible.

Big Five

A psychological model outlining five broad dimensions of human personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

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