The Total Assets and the Total Liabilities of Smart Financial

question 68

Multiple Choice

The total assets and the total liabilities of Smart Financial Services are shown below. The company did not receive any new contributions from the owner and did not issue any withdrawals during the year. What was the amount of net income for the year?

• A) $15,000
• B) $10,000
• C) $5,000
• D) $25,000

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Definitions:

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