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:

Assertiveness And Responsiveness

A communication style characterized by confidently expressing one's own needs and rights while being open and receptive to others' perspectives.

Openness And Closedness

Refers to the degree of willingness or resistance individuals show towards sharing personal thoughts, feelings, or information with others.

Self-Awareness

The awareness of one's personal traits, emotions, intentions, and wishes.

Expression Of Needs

The process of making one's requirements or desires known, especially in the context of interpersonal relationships.