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:
Markov Analysis
A statistical method used to predict the future state of a system based on its current state and probabilistic transitions.
External Environment
The outside factors and forces that can affect the operations, success, and strategy of a business or organization, including economic, legal, and socio-cultural elements.
Internal Change
This refers to modifications within an organization that can affect structures, processes, strategies, or personnel.
Flexible Work Arrangement
Work schedules that allow employees flexibility in choosing where or when they complete their tasks to balance work and personal responsibilities.
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