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

Question

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

Quizplus · Accepted Answer

The Answer of 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

The Total Assets and the Total Liabilities of Atlas Financial