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 impact of shareholder transactions and policies on a company’s finances.

Understand the components and structure of the accounting equation.

Comprehend the purpose and components of a statement of financial position.

Calculate the changes in total assets given changes in liabilities and shareholders' equity.

---

Definitions:

Wage-related Expenses

Costs incurred by employers that are directly associated with the payment of wages to employees, including taxes, benefits, and insurance.

Socioeconomic Inequality

The disparities in income, wealth, and access to resources among different social and economic groups within a society.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, often driven by international trade and investment and aided by information technology.

New Technologies

Latest advancements in technology that lead to improvements in processes, services, or products across various industries.