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

question 195

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 invested an additional $12,000 in the business 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:

Tracheal Rings

C-shaped rings of cartilage that reinforce and maintain the open structure of the trachea, allowing air to flow into the lungs.

Hyaline

A type of smooth, translucent cartilage found at the ends of bones to reduce friction and absorb shock.

Cartilage

A flexible, connective tissue found in various parts of the body including joints, rib cage, and ear, providing support and shock absorption.

Larynx

The voice box located in the throat, responsible for voice production, breathing, and protecting the trachea against food aspiration.