1.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.

2. Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31?

3. Reliable Waterworks provides plumbing services. Transactions of Reliable Waterworks during the first year of operations are given below.

a)	The owner, Steve Sharon, contributed $11,000 cash to form the business.

b)	Paid $1,400 for equipment to be used for plumbing repairs.

c)	Borrowed $15,000 from a local bank and deposited the money in the checking account.

d)	Paid $100 in rent for the year.

e)	Paid $400 for plumbing supplies to be used on various jobs next year.

f)	Completed a plumbing repair for a law firm and received $3,200.

Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $3,200 are left at the end of the year.