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 net income for the year?

McGrath's produces and sells two types of t-shirts—Fancy and Plain

The company provides the following data: Budget Actual Unit sales price-Fancy $24 $25 Unit sales price-Plain $18 $17 Unit sales-Fancy 1,300 1,250 Unit sales-Plain 900 875 Compute the flexible budget variance for Fancy t-shirts for sales revenue. What will be an ideal response

Which of the following is not a characteristic decision?

a .they are long term in nature b. they involve choices c. they do not involve trade offs d. all of the above are characteristic of the decision