The total assets and the total liabilities of Smart Financial Services are shown below.The company did not receive any new contributions from the owner and did not issue any withdrawals during the year.
What was the amount of net income for the year?
Definitions:
Crystallized Intelligence
Those types of intellectual ability that reflect accumulated learning. Vocabulary and general information are examples. Some developmental psychologists think crystallized intelligence increases with age, while fluid intelligence declines.
Accumulation
The gradual gathering or collecting of items, substances, or wealth over time.
Chronological Age
The measure of a person's age based on the calendar date of birth, regardless of their maturity or developmental stage.
National Values
Fundamental beliefs, principles, and practices that are universally recognized and upheld within a specific nation, shaping its culture and identity.
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