During 2010, Its First Year of Operations, Yaspo's Bakery Had

question 51

Multiple Choice

During 2010, its first year of operations, Yaspo's Bakery had revenues of $60,000 and expenses of $33,000. The business had owner drawings of $18,000. What is the amount of owner's equity at December 31, 2010?

• A) $0
• B) $18,000 debit
• C) $9,000 credit
• D) $27,000 credit

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Definitions:

Management By Exception

A management style where leaders only intervene in operations or decision-making when performance metrics fall outside predefined standards.

Misbehavior

Actions or conduct that are inappropriate, unacceptable, or violating social norms or rules.

Management By Exception-Passive

A leadership style where the leader only intervenes or takes action in the case of significant deviations from expected performance.

Annual Performance Review

A yearly evaluation process in which an employee's work performance, achievements, and objectives are assessed by a supervisor or manager.