Precision camera services started the year with total assets of $120,000 and total liabilities of $40,000. the company is a sole proprietorship. the revenues and the expenses for the year amounted to $140,000 and $50,000, respectively. during the year, there were no new capital contributions and the owner withdrew $45,000. what is the amount of owner's equity at the end of the year?

$125,000

Explanation:

Opening values of;

Total assets = $120,000

Total liabilities = $40,000

Total equity = $120,000 - $40,000 = $80,000

During the year,

Total revenues = $140,000

Total expenses = $50,000

Withdrawal by owner = $45,000

The amount withdrawn by the owner reduces the owners equity. This may be deducted from the net income.

Net income from the year = $140,000 - $50,000 - $45,000

                                           = $45,000

This will be added to the opening owner's equity to get the closing owner's equity.

Owner's equity at the end of the year = $80,000 + $45,000  

                                                               = $125,000

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