Michael Daigle, Attorney, P.C., began the year with total assets of ($122,000), liabilities of ($71,000), and stockholders

Question:

Michael Daigle, Attorney, P.C., began the year with total assets of $$122,000$, liabilities of $$71,000$, and stockholders’ equity of $$51,000$. During the year the business earned rev¬ enue of $$109,000$ and paid expenses of $$36,000$. The business also paid cash dividends of $$68,000$. How much is the business’s equity at year-end?

a. $56,000

b. $104,000

c. $160,000

d. $124,000

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