The Total Assets and the Total Liabilities of Smart Financial

question 87

Multiple Choice

The total assets and the total liabilities of Smart Financial Services are shown below.The company issued no common stock and paid no dividends during the year. $$\begin{array} { | l | r | r | } \hline & \text { Assets } & \text { Liabilities } \\\hline \text { Beginning of year } & \$ 425,000 & \$ 280,000 \\\hline \text { End of year } & 500,000 & 325,000 \\\hline\end{array}$$ What was the amount of net income for the year?

• A)$75,000
• B)$45,000
• C)$30,000
• D)$120,000

---

Definitions:

Erik Erikson

A psychologist known for his theory on psychosocial development, emphasizing the impact of social experiences across the lifespan.

Intimate Relationships

Deeply personal connections between individuals characterized by affection, love, trust, and mutual respect.

Young Adulthood

A period in human development often considered to range from ages 20 to 40, marked by achieving personal and economic independence.

Erikson

Erik Erikson, a psychologist known for his theory on the psychosocial development of human beings.