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. 
What was the amount of net income for the year?
Definitions:
Consumer Price Index
A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, often used to indicate inflation.
Inflation Rate
The percentage rate of increase in the price level of goods and services in an economy over a period of time.
Technological Change
The overall process of invention, innovation, and diffusion of technology or processes.
CPI
Utilizing a weighted average to calculate, the Consumer Price Index serves as a barometer for the price movements of a range of consumer services and goods, including transportation, healthcare, and food items.
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