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

question 13

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. Calculate Scott's net income for the year.

• A)$50,000
• B)$120,000
• C)$70,000
• D)$80,000

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Definitions:

Teams

Groups of individuals working collaboratively towards a common goal, characterized by complementary skills, mutual accountability, and a shared purpose.

Interpersonal Group

A group formed around social interactions and relationships between its members.

Interpersonal Strengths

Qualities or abilities relating to effective, positive, and constructive interactions with others, enhancing personal and professional relationships.

Sessions

Meetings or periods devoted to a particular activity or purpose, especially in the context of therapy, training, or education.