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 capital contributions during the year,but did make withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year?
A) $40,000
B) $50,000
C) $30,000
D) $10,000

Question

Quizplus · Accepted Answer

C) Calculations: $80,000 - $40,000 = $40,000 +$120,000 - $70,000 - $60,000 = $30,000

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