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Problem 1: At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, owner withdrawals during the year totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be:
Multiple Choice
A. $174,000.
B. $78,000.
C. $171,000.
D. $120,000.
E. $123,000.
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