Question: Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and

Metropolitan Casting Services started the year with total assets of $110,000

Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $150,000 and $60,000, respectively. During the year, there were no new capital contributions and the owner withdrew $40,000. Calculate the amount of increase or decrease in owner's equity for the year. A. a(n) $115,000 increase B. a $50,000 increase O C. a(n) $65,000 decrease O D. a $40,000 increase

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