On January 1 of the current year, Jimmys Sandwich Company reported total equity of $130,500. During the current year, total revenues were $111,000, while total expenses were $120,500. No other changes in equity occurred during the year. The change in total equity during the year was:

Multiple Choice

• A decrease of $9,500.

• An increase of $45,500.

• An increase of $24,500.

• A decrease of $45,500.

• An increase of $80,500.