Vista Camera Services Started the Year with Total Assets of $90,000

question 66

Multiple Choice

Vista Camera Services started the year with total assets of $90,000 and total liabilities of $65,000.The revenues and the expenses for the year amounted to $120,000 and $50,000,respectively.During the year,the owner did not make any additional contributions,but made withdrawals of $55,000.What is the amount of owner's equity at the end of the year?

• A)$50,000
• B)$120,000
• C)$40,000
• D)$55,000

Understand the distinctions between first-order and second-order changes in family systems.

Recognize the significance of cultural and minority perspectives in family dynamics.

Grasp the concept of joining in the context of establishing therapeutic relationships with families.

Differentiate between high-context and low-context cultures and their impact on family communication.

---

Definitions:

Diversification

The strategy of investing in a variety of assets to reduce the overall risk of an investment portfolio or to expand into multiple business sectors.

Tobacco Prices

Refers to the cost of tobacco products, which can fluctuate based on factors like taxes, production costs, and market demand.

Coffee Houses

Public places that serve coffee and other refreshments, often acting as informal centers for social interaction, exchange of ideas, and cultural activities.

Colonial Men

Refers to the male inhabitants of colonies, particularly during the period of European colonial expansion, who played roles in administration, trade, and agriculture.