Precision Camera Services Started the Year with Total Assets of $120,000

Multiple Choice

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?

A) $50,000
B) $140,000
C) $125,000
D) $45,000