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

question 66

Multiple Choice

Vista 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 $120,000 and $50,000,respectively.During the year,the owner did not make any additional contributions,but made withdrawals of $55,000.What is the amount of owner's equity at the end of the year?

• A)$50,000
• B)$120,000
• C)$40,000
• D)$55,000

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