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:

Power

The ability or capacity to do something or act in a particular way; often related to the control or influence over others.

Essential Attributes

Fundamental qualities or characteristics that define the nature of something, without which it would not be recognized as itself.

Genus

A category of biological classification that ranks above species and below family, grouping together species that are structurally similar or phylogenetically related.

Lump

To group together indiscriminately or to consider as part of a single category without recognizing individual differences.