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

question 14

Multiple Choice

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?

• A) $50,000
• B) $140,000
• C) $125,000
• D) $45,000

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Definitions:

Dairy Research

Scientific study focused on dairy products and their production, including aspects such as cattle health, milk yield, and product development.

Social Behavior

Actions among individuals that are influenced by, and impact, the social environment, including cooperation, competition, and aggression.

Field Experiments

Research studies conducted in natural setting rather than in a lab, allowing more generalizable findings.

Laboratory Experiments

Controlled tests or investigations conducted in a structured environment where variables can be manipulated and outcomes measured.