HCPCS Level II Professional 2022 notes

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...

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...