The Total Assets and the Total Liabilities of Atlas Financial

question 189

Multiple Choice

The total assets and the total liabilities of Atlas Financial Services are shown below.There were no capital contributions and no withdrawals during the year. $$\begin{array} { | l | r | r | } \hline & \text { Total Assets } & \text { Total Liabilities } \\\hline \text { Beginning of year } & \$ 400,000 & \$ 295,000 \\\hline \text { End of year } & 440,000 & 320,000 \\\hline\end{array}$$ What was the amount of net income for the year?

• A) $40,000
• B) $25,000
• C) $15,000
• D) $65,000

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Definitions:

Extensor Carpi Ulnaris

A muscle in the forearm that extends and adducts the wrist, playing a key role in the movement of the hand and wrist.

Palmaris Longus

A muscle in the forearm that is associated with the flexion of the wrist and is absent in some individuals.

Gluteus Maximus

The largest and most superficial of the three gluteal muscles, involved in the movement of the hip and thigh.

Relative Size

A principle of perception that allows the determination of an object's size based on its perceived distance.