The Total Assets and the Total Liabilities of Atlas Financial

Multiple Choice

The total assets and the total liabilities of Atlas Financial Services are shown below. The company issued no common stock and paid no dividends during the year. $$\begin{array} { | l | r | r | } \hline & \text { Total Assets } & \text { Total Liabilities } \\\hline \text { Beginning of year } & \$ 405,000 & \$ 295,000 \\\hline \text { End of year } & 455,000 & 305,000 \\\hline\end{array}$$ What was the amount of net income for the year?

A) $50,000
B) $10,000
C) $40,000
D) $60,000