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?
A)$15,000
B)$10,000
C)$5,000
D)$25,000

Question

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?

What was the amount of net income for the year?
A)$15,000 
B)$10,000 
C)$5,000 
D)$25,000

Quizplus · Accepted Answer

C)Calculations:
 11ea8a42_4eec_875a_8b44_03b13ce5db49_TB5024_00 Net increase or (decrease)= $15,000 - $10,000 = $5,000

The Total Assets and the Total Liabilities of Smart Financial