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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