Josephine's Bakery Had the Following Assets and Liabilities at the Beginning

question 56

Essay

Josephine's Bakery had the following assets and liabilities at the beginning and end of the current year:
$\begin{array}{|l|r|r|}\hline & \text { Assets } & \text { Liabilities } \\\hline \text { Beginning of the year } & \$ 114,000 & \$ 68,000 \\\hline \text { End of the year } & 135,000 & 73,000 \\\hline\end{array}$ If the owners made no investments and dividends of $5,000 were paid during the year, what was the amount of net income earned by Josephine's Bakery during the current year?

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Definitions:

Excess Zone

A state or area where something exists in quantities or amounts greater than necessary or desired.

Secure And Confident

Describes a state of being wherein an individual feels self-assured and stable in their abilities, decisions, and self-worth.

Innermost Thoughts

The most personal, private, or deeply held beliefs or ideas one may have.

Observable Patterns

Regular and identifiable behaviors, processes, or trends that can be seen or tracked over time.