Scott's Camera Shop Started the Year with Total Assets of $80

Multiple Choice

Scott's Camera Shop started the year with total assets of $80 000 and total liabilities of $40 000. During the year, the business earned revenues of $120 000 and incurred expenses of $70 000. Scott made no capital contributions during the year, but did make withdrawals of $60 000. The net change in Scott's owners' equity for the year is a:

A) $50 000 increase.
B) $40 000 increase.
C) $30 000 decrease.
D) $10 000 decrease.