A small business operates strictly on a cash basis only. At the start of its new financial year, its statement financial position states R150 000 in cash and liabilities of R70 000. During the first month of the new financial year, it received R50 000 in cash for goods sold and paid R30 000 in cash for its expenses. Calculate the owners' equity at the end of the first month. R200 000 R120 000 R220 000 R100 000