Scott's Camera Shop Started the Year with Total Assets of $80,000

question 115

Multiple Choice

Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000.During the year,the business earned revenues of $120,000 and incurred expenses of $70,000.Scott made no capital contributions during the year,but did make withdrawals of $60,000.
-What is the amount of Scott's net income for the year?

• A) $50,000
• B) $10,000
• C) $30,000
• D) $40,000

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Definitions:

Sexually Transmitted Infections

Infections that are primarily spread through sexual contact; they can also be transferred by blood, needles, or from mother to child.

Common Bacterial STI

Refers to sexually transmitted infections caused by bacteria that are prevalent among sexually active individuals, such as chlamydia, gonorrhea, and syphilis.

Infectious Disease

Illnesses caused by pathogenic microorganisms, such as bacteria, viruses, fungi, or parasites, which can be transmitted, directly or indirectly, from one person to another.

Chlamydia

A common sexually transmitted infection (STI) caused by the bacterium Chlamydia trachomatis, which can affect both men and women.