Answer:
C. WITHDRAWALS
Step-by-step explanation:
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Shareholder's equity represents the residual value of a company's assets after all liabilities have been paid off. It includes the initial investment made by the shareholders, as well as any additional contributions, retained earnings, and dividends paid out to shareholders.
Withdrawals, also known as dividends, represent a reduction in the retained earnings of the company and therefore affect the total shareholder's equity. Operating cash flow, expenses, and liabilities are not typically included in the financial statement of shareholder's equity.