The Total Assets and the Total Liabilities of Ty Williams

question 55

Multiple Choice

The total assets and the total liabilities of Ty Williams Financial Services,are shown below.During the year,the proprietor made no additional capital contributions,and took drawings of $15,000. $\begin{array}{|l|r|r|} \hline& \text { Assets } & \text { Liabilities } \\\hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \\\hline \text { End of year } & 455,000 & 320,000\\\hline\end{array}$ What was the amount of net income for the year?

• A) $85,000
• B) $40,000
• C) $45,000
• D) $135,000

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Definitions:

Systems Perspective

A way of understanding and analyzing complex entities by examining them as coherent systems composed of interconnected and interdependent parts.

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The process and outcome of evaluating and selecting candidates for employment positions within an organization.

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