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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