Ashley's Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. The net income reported by Ashley's Accessory Shop for the year was A) $40,000. B) $50,000. C) $65,000. D) $55,000