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

question 44

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 additional capital contributions during the year, but did make withdrawals of $60,000. What is the amount of owner's equity at the end of the year?

• A)$70,000
• B)$120,000
• C)$30,000
• D)$60,000

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Definitions:

Life Expectancy

The average period that an individual is expected to live, often calculated from birth, based on a number of factors including historical data, current age, and health status.

Functional Aging

The changes in an individual's abilities and functional capacity as they age, often focusing on declines in physical, cognitive, and social capabilities.

Life Span

The maximum length of time an organism is expected to live, or the average length of time between the birth and death of individuals in a population.

Procedural Memory

A type of long-term memory that involves the unconscious recall of how to perform tasks or skills such as riding a bike or playing a musical instrument.