The Balance of Owner's Capital at the Beginning of the Year

Multiple Choice

The balance of owner's capital at the beginning of the year and the end of the year was $50,000 and $67,000, respectively. No additional capital was introduced during the year. Withdrawals were $23,000. What was the net income or loss for the year?

A) Net income of $90,000
B) Net loss of $90,000
C) Net loss of $40,000
D) Net income of $40,000