Dynamic production services started the year with total assets of $130,000 and total liabilities of $50,000. the company is a sole proprietorship. the revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. during the year, there were no new capital contributions and the owner withdrew $45,000. calculate dynamicʹs net income for the year.
a) $60,000.
b) $130,000.
c) $40,000.
d) $100,000.

C) $40,000.

Explanation:

As we know, the net income is a difference between the total revenues and the total expenditure incurred

Net income = Total revenues earned - Total expenditure incurred

                   = $100,000 - $60,000

                   = $40,000

By subtracting the total expenses from the total revenues we can find out the net income and the same method is applied in the above calculation

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