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Vista Camera Services started the year with total assets of $90,000 and total liabilities of...

80.2K

Verified Solution

Question

Accounting

Vista Camera Services started the year with total assets of

$90,000

and total liabilities of

$55,000.

The revenues and the expenses for the year amounted to

$100,000

and

$80,000,

respectively. During the year, the owner did not make any additional contributions, but made withdrawals of

$50,000.

What is the amount of owner's equity at the end of the year?

Answer & Explanation Solved by verified expert
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