Practice12 Study guides, Class notes & Summaries

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...