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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Definitions:

Reduced Self-Control

Pertains to a decreased ability to regulate one's actions, emotions, or desires, often leading to impulsive behaviors.

Brain Activity

The electrical and biochemical processes occurring within the brain that facilitate thought, feeling, and behavior.

Antisocial Personality Disorder

A mental condition in which a person consistently shows no regard for right and wrong and ignores the feelings of others.

Psychopath

A term often used to describe an individual with antisocial personality disorder, characterized by a lack of empathy, manipulative behavior, and sometimes violent tendencies.