Scott's Camera Shop Started the Year with Total Assets of $100,000

question 110

Multiple Choice

Scott's Camera Shop started the year with total assets of $100,000 and total liabilities of $50,000. During the year, the business earned revenues of $200,000 and incurred expenses of $60,000. Scott made no capital contributions during the year, but did make withdrawals of $75,000. Calculate the amount of increase/decrease in Scott's equity for the year.

• A)$65,000 increase
• B)$115,000 increase
• C)$50,000 decrease
• D)$75,000 increase

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Definitions:

Storming Stage

The phase in team development characterized by conflict and competition as team members establish roles.

Performing Stage

The phase in team development where the group functions harmoniously towards achieving its goals.

Norming Stage

The phase in team development where members resolve differences, appreciate colleagues' strengths, and respect the team's authority, leading to improved cooperation and progress towards goals.

Teamwork

The collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way.