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Scott's Camera Shop started the year with total assets of 100,000 dollars and total liabilities of 50,000 dollars.During the year,the business earned revenues of 200,000dollars
Scott's Camera Shop started the year with total assets of 100,000 dollars and total liabilities of 50,000 dollars.During the year,the business earned revenues of 200,000dollars and incurred expenses of 60,000 dollars.Scott made no capital contributions during the year,but did make withdrawals of 75,000 dollars.
Calculate the amount of increase/decreases in Scott's equity for the year.
a)75,000 dollars increase b)115,000 dollars increase
c)50,000 dollars decrease d)65,000 dollars increase
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