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:

Graphology Testing

An assessment technique that analyses a person's handwriting to make inferences about their personality or other attributes.

Cognitive Abilities

Mental skills that include reasoning, memory, attention, and language capabilities that enable an individual to learn and solve problems.

Knowledge

The information, understanding, and skills gained through experience or education; the theoretical or practical understanding of a subject.

Motivation

The internal and external factors that stimulate individuals to take actions towards achieving a goal.