Scott's Camera Shop Started the Year with Total Assets of $100,000

Multiple Choice

Scott's Camera Shop started the year with total assets of $100,000 and total liabilities of $50,000. During the year, the business earned revenues of $200,000 and incurred expenses of $60,000. Scott made no capital contributions during the year, but did make withdrawals of $75,000. Calculate the amount of increase/decrease in Scott's equity for the year.

A) $65,000 increase
B) $115,000 increase
C) $50,000 decrease
D) $75,000 increase