Paula prepared a statement of changes in owner's equity to determine the possibility of opening more
locations for her car wash business. She used the following totals to help in her calculations:
Beginning Balance $120,000
=
Cash $5,000
Revenues $10,000
Capital added = $10,000
=
Net income $30,000
Expenses
$40,000
Owner's Withdrawals = $115,000
What would be the ending balance on the Statement of Changes of Equity given this data?
a.) $55,000
b.) $45,000
c.) $15,000
d.) $50,000