The Total Assets and the Total Liabilities of Ty Williams

question 60

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. 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:

Teflon

A synthetic fluoropolymer of tetrafluoroethylene known for its non-stick properties and used in a wide variety of applications, including cookware coatings.

(Z)-4-Bromo-3-Heptene

A type of alkene with a bromo substituent positioned on the fourth carbon atom in a Z (cis) configuration relative to a double bond.

IUPAC Name

The systematic naming convention for chemical substances designed by the International Union of Pure and Applied Chemistry.

Alkene

Organic compounds that contain at least one carbon-to-carbon double bond, characterized by the formula CnH2n.