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

question 5

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $60,000.During the year,the business earned revenues of $150,000 and incurred expenses of $60,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000.What is the amount of owners' equity at the end of the year?

• A)$150,000
• B)$70,000
• C)$50,000
• D)$60,000

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Definitions:

Extended Period

A longer than usual duration of time dedicated to a particular activity, event, or condition.

Potential Adult Identities

The various identities or self-conceptions that an individual might assume or develop into during adulthood.

Social Norms

Informal rules that govern behavior in groups and societies, shaping individuals' actions and interactions.

Peer Influences

The impact that peers or individuals of similar age or status have on each other, affecting behaviors, attitudes, and values.