On January 1 of the current year, Jimmy's Sandwich Company reported owner's capital totaling $122,500. During the current year, total revenues were $96,000 while total expenses were $85,500. Also, during the current year Jimmy withdrew $20,000 from the company. No other changes in equity occurred during the year. The change in owner's capital during the year was:
A. An increase of $30,500.
B. A decrease of $9,500.
C. An increase of $9,500.
D. A decrease of $30,500.
E. An increase of $73,500.
Answer: B
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