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:

Autoclave

A device that uses pressurized steam to sterilize instruments and equipment.

Optical Microscope

An instrument that uses visible light and lenses to magnify small objects, allowing them to be observed in detail.

Magnifying Lens

An optical device used to make objects appear larger than they are, enhancing the visualization of small details.

Objective

Pertaining to data that are readily apparent and measurable, such as vital signs, test results, or physical examination findings.