Question: #4 Precision Camera Services started the year with total assets of $120,000 and total liabilities of $60,000. The revenues and the expenses for the year

Precision Camera 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 $110,000 and $90,000, respectively. During the year, the company did not receive any additional capital, but the owner did withdrawal $55,000. What is the amount of equity at the end of the year?

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