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:

Artistic

Pertaining to the application or expression of creativity and imagination in activities such as painting, music, literature, and dance.

Emotional

Relating to a person's feelings, mood, and affective states, often influencing behavior and decision-making.

Psychosocial

Pertaining to the influence of social factors on an individual's mind or behavior, and the interrelation of behavioral and social factors.

Nature

The inherent qualities or characteristics of something, or the physical world collectively, including plants, animals, and landscapes.