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

Understand the issues related to measurement and interpretation of U.S. poverty rates.

Define and differentiate key terms and programs within the social welfare system, including TANF, SSI, Medicare, and Medicaid.

Comprehend the objectives and impacts of specific welfare programs like SNAP and the earned-income tax credit.

Knowledge of the primary purpose and funding mechanisms of social security.

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Definitions:

Natural Disaster

Catastrophic events caused by nature such as earthquakes, hurricanes, floods, or tornadoes, which can result in significant damage and loss of life.

1900

A year that marks the beginning of the 20th century, noted for various historical, cultural, and technological developments around the world.

Racial Conventions

Socially constructed beliefs, practices, and norms that define and differentiate races, often leading to discrimination and societal inequalities.

Jack Johnson

Jack Johnson was the first African American world heavyweight boxing champion, renowned for his groundbreaking career and the racial prejudices he fought against during the early 20th century.