Question: I need the correct answer to this general accounting problem using the standard accounting approach. Nova Services, a sole proprietorship, began the year with total

I need the correct answer to this general accounting problem using the standard accounting approach.

Nova Services, a sole proprietorship, began the year with total assets of $160,000 and liabilities of $65,000. Revenues during the year were $125,000 and expenses totalled $75,000. The owner made no capital contributions but withdrew $30,000 during the year. What is Nova's net income

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