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?

---

Definitions:

Monthly

Pertains to something occurring every month or related to a particular month.

Obtainable Goal

A target or objective that is realistically achievable within a given timeframe or with available resources.

Organizational Structure

The system that outlines how certain activities are directed to achieve the goals of an organization, including rules, roles, and responsibilities.

Excess Plant Capacity

A situation where a company's production facilities have more production capabilities than currently needed for its level of production.