Scott's Camera Shop Started the Year with Total Assets of $90,000

question 41

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $55,000.During the year,the business earned revenues of $120,000 and incurred expenses of $50,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000. Calculate Scott's profit for the year.

• A)$120,000
• B)$90,000
• C)$70,000
• D)$50,000

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Definitions:

Tonal Language

A language in which the pitch or tone in which a word is spoken can change its meaning, making tone an essential part of the language's phonology.

Edward Sapir

An American anthropologist and linguist known for his contributions to the study of indigenous languages in North America and his work on the relationship between language, culture, and thought.

Noam Chomsky

An American linguist, philosopher, cognitive scientist, historian, social critic, and political activist known for his profound influence on modern linguistics and his critique of mass media and contemporary political discourse.

Ethnolinguistic Research

The study of the relationship between language and culture, and how they influence and reflect the identity of ethnic groups.