Multiple Choice
York Casting Services started the year with total assets of $120,000 and total liabilities of $60,000.The revenues and the expenses for the year amounted to $150,000 and $50,000,respectively.During the year,the owner did not make any additional contributions,but had withdrawals of $75,000.Calculate the amount of increase or decrease in owner's equity for the year.
A) a $25,000 increase
B) a $85,000 increase
C) a $60,000 decrease
D) a $75,000 increase
Correct Answer:
Verified
Correct Answer:
Verified
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