Dynamic Production Services Started the Year with Total Assets of $130,000

question 101

Multiple Choice

Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000.The company is a sole proprietorship.The revenues and the expenses for the year amounted to $100,000 and $60,000,respectively.During the year,there were no new capital contributions and the owner withdrew $45,000.Calculate Dynamic's net income for the year.

• A) $40,000
• B) $100,000
• C) $60,000
• D) $130,000

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