Question: Gerrys Car Repair Shop Ltd. started the year with total assets of $70,000 and total liabilities of $40,000. During the year, the business recorded $100,000

Gerry’s Car Repair Shop Ltd. started the year with total assets of $70,000 and total liabilities of $40,000. During the year, the business recorded $100,000 in car repair revenues, $65,000 in expenses, and dividends of $5,000.
Shareholders’ equity at the end of the year was
a. $60,000
b. $65,000
c. $70,000
d. $75,000

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