At the Beginning of the Year, the Total Stockholders' Equity

True/False

At the beginning of the year, the total stockholders' equity of Cutting Edge Technologies, Inc. was $80,000. The revenues and expenses were $70,000 and $30,000, respectively. The company did not declare dividends. No common stock was issued during the year. The total stockholders' equity at the end of the year will amount to $110,000.