Use the following information for questions 4 6- Gulf's Car Repair Shop started the year with total assets of $90,000 and total liabilities of $60,000. During the year the business recorded $150,000 in car repair revenues, $95,000 in expenses, and Jerry withdrew $15,000. Gulf's Capital balance at the end of the year was a. $70,000. b. $40,000. c. $85,000. d. $55,000. The net income reported by Gulf's Car Repair Shop for the year was a. $40,000 b. $55,000 c. $30,000. d. $135,000. 5. Rev Exp Page 2 6, Gulf's Capital balance changed by what amount from the beginning of the year to the end of the year? a. $15,000. Cb $55,000. c. $30,000