York Casting Services Started the Year with Total Assets of $120,000

question 72

Multiple Choice

York Casting Services started the year with total assets of $120,000 and total liabilities of $60,000.The revenues and the expenses for the year amounted to $150,000 and $50,000,respectively.During the year,the owner did not make any additional contributions,but had withdrawals of $75,000.Calculate the amount of increase or decrease in owner's equity for the year.

• A)a $25,000 increase
• B)a $85,000 increase
• C)a $60,000 decrease
• D)a $75,000 increase

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Definitions:

Effective Communication

The ability to convey information to another effectively and efficiently, ensuring mutual understanding.

Maintain Privacy

The act of keeping personal or sensitive information secure from unauthorized access or disclosure.

Timing

The selection of the optimal moment to perform an action to achieve the desired outcome.

SBAR Tool

A communication method used in healthcare to facilitate prompt and appropriate communication. It stands for Situation, Background, Assessment, and Recommendation.