Scott's Camera Shop Started the Year with Total Assets of $90,000

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $55,000.During the year,the business earned revenues of $120,000 and incurred expenses of $50,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000. Calculate Scott's profit for the year.

A) $120,000
B) $90,000
C) $70,000
D) $50,000