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

question 128

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.
-The net change in Scott's owner's equity for the year is a:

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

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Definitions:

75th Percentile

A value below which 75% of the observations in a group fall, often used to measure the upper quartile.

Coefficient Of Variation

A standardized measure of the dispersion of a probability distribution or frequency distribution, often used to compare the degree of variation between different datasets.

Ages

Quantitative measures representing lengths of time that entities, typically individuals, have existed from birth to a specific reference point.

Annual Percentage Rates

The annual rate charged for borrowing or earned through an investment, adjusted for the effect of compounding.