1. A company started the year with total assets of 80 lei and total liabilities of 40 lei. During the period, the business earned revenues of 120 lei and incurred expenses of 70 lei. What is the amount of the owner’s equity at the end of the period?
a. 40 lei b. 50 lei c. 30 lei d. 90 lei
2. A company started the year with total assets of 80 lei and total liabilities of 40 lei. During the year, the business earned revenues of 120 lei and incurred expenses of 70 lei. The net change in owner’s equity for the year is a:
a. 10 lei decrease b. 40 lei increase c. 30 lei decrease d. 50 lei increase
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