Scott's camera shop started the year with total assets of $80,000 and total liabilities of $40,000. during the year, the business earned revenues of $120,000 and incurred expenses of $70,000. scott made no additional capital contributions during the year, but did make withdrawals of $60,000.
a, $70,000
b, $120,000
c, $30,000
d, $60,000