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AC2760- Financial Accounting MGMT
- 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)	$60,0...
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