Gatto Production Services Started the Year with Total Assets of $90,000

Multiple Choice

Gatto Production Services started the year with total assets of $90,000 and total liabilities of $40,000.The revenues and the expenses for the year amounted to $130,000 and $80,000,respectively.During the year,the owner did not make any additional contributions,but had withdrawals of $55,000.Calculate Gatto's net income for the year.

A) $50,000
B) $130,000
C) $80,000
D) $90,000