Scott's Camera Shop Started the Year with Total Assets of $90,000

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $60,000.During the year,the business earned revenues of $150,000 and incurred expenses of $60,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000.What is the amount of owners' equity at the end of the year?

A) $150,000
B) $70,000
C) $50,000
D) $60,000