Question: Please solve this General accounting questions step by step The owner's equity in a business amounted to $50,000 at the beginning of the year and

Please solve this General accounting questions step by step

The owner's equity in a business amounted to $50,000 at the beginning of the year and was $90,000 at the end of the year. The owner withdrew $15,000 and made no additional investments during the year. What was the net income for the year? a) $55,000 b) $45,000 c) $50,000 d) $60,000

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