James' Auto shop has assets worth $60,000 and liabilities worth $40,000. In 2007, the business made $100,000 in revenues while the expenses and...

James' Auto shop has assets worth $60,000 and liabilities worth $40,000. In 2007, the business made $100,000 in revenues while the expenses and dividends were $55,000 and $10,000 respectively. What was the net income of his Auto shop during the year?

A.     $35,000.

B.     $45,000.

C.     $20,000.

D.     $90,000.