Question: Precision Camera Services started the year with total assets of $80,000 and total liabilities of $65,000. The company is a sole proprietorship. The revenues and

Precision Camera Services started the year with total assets of $80,000

Precision Camera Services started the year with total assets of $80,000 and total liabilities of $65,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $110,000 and $50,000, respectively. During the year, there were no new capital contributions and the owner withdrew $60,000. What is the amount of owner's equity at the end of the year? O A. $15,000 OB. $60,000 OC. $110,000 OD. $50,000

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