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:

Terminal 4

Often refers to a specific connector or terminal point in an electrical device or circuit, but the exact meaning can vary depending on the context of use.

Logic Circuits

Electronic circuits designed to implement various boolean functions like AND, OR, NOT, NAND, and NOR, crucial in digital computing.

Processor Unit

The component of a computer or electronic system responsible for executing instructions, performing calculations, and managing data.

Human Machine Interface

A user interface or dashboard that connects a person to a machine, system, or device, allowing for control and data exchange.