Question
Vista Camera Services started the year with total assets of $ 120,000 and total liabilities of $ 45,000. The revenues and the expenses for the
Vista Camera Services started the year with total assets of $ 120,000
and total liabilities of $ 45,000.
The revenues and the expenses for the year amounted to $120,000
and $70,000,
respectively. During theyear, the owner did not make any additionalcontributions, but made withdrawals of $40,000.
What is the amount ofowner's equity at the end of theyear?
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Comparative International Accounting
Authors: Christopher Nobes, Robert Parker
13th edition
1292081902, 1292081908, 9781292081960 , 1292081961, 978-1292081908
