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James Anthony, attorney, P.C., began the year with total assets $177,000, liabilities of $112,000, and owner's equity of $65,000. During the year, the business earned revenue of $103,000 and paid expenses of $48,000. Anthony also withdrew cash of $24,000. How much is the businesses equity at the year-end?

The answer is $96,000. please explain step by step how to get this answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9964006

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