Tara Westmont,the Proprietor of Tiptoe Shoes,had Annual Revenues of $185,000,expenses

question 39

Multiple Choice

Tara Westmont,the proprietor of Tiptoe Shoes,had annual revenues of $185,000,expenses of $103,700,and withdrew $18,000 from the business during the current year.The owner's capital account before closing had a balance of $297,000.The Net Income for the year is:

• A)$185,000
• B)$63,300
• C)$81,300
• D)$360,300
• E)$378,300

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Definitions:

Productivity

Measures the efficiency of production as output per unit of input, essential for economic growth and competitiveness.

Inflation

The magnitude of growth in general service and product prices, causing a decrease in the ability to buy.

Overall Level

A general or comprehensive scope or scale, often referring to the magnitude or intensity of a phenomenon or activity.

Prices

The financial outlay necessary for acquiring a commodity, service, or asset.