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Johnny's Car Repair shop started with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair
Johnny's Car Repair shop started with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. Stockholders' equity at the end of the year was:
a. $45,000
b. $65,000
c. $55,000
d. $35,000
e. None of the options listed
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