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test bank for Practice exam questions with answers latest A+ GRADED
- Exam (elaborations) • 37 pages • 2024
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 
1) 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 additional 
capital contributions during the year, but did make withdrawals of $60,000. What is the amount of owner's 
equity at the end of the year? 
A) $120,000 
B) $70,000 
C) $60,000...
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