Scott's Camera Shop Started the Year with Total Assets of $90,000

question 5

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $60,000.During the year,the business earned revenues of $150,000 and incurred expenses of $60,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000.What is the amount of owners' equity at the end of the year?

• A)$150,000
• B)$70,000
• C)$50,000
• D)$60,000

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Definitions:

Alopecia

A condition characterized by hair loss from the scalp or body, which can be temporary or permanent, varying from mild thinning to complete baldness.

Itchy Rash

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Pertaining to peculiar characteristics or behaviors specific to an individual or group.

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The process of inhaling and exhaling air in order to facilitate gas exchange with the internal environment, primarily by bringing in oxygen and flushing out carbon dioxide.