Jerry's Butcher Shop, Inc If Jerry Made No Investments in the Business and Withdrew

question 148

Essay

Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year:
$\begin{array}{llcc} & \text { Assets} &\text { Liabilities }\\ \text { Beginning of the year ............ } &\$114,000& \$68,000\\ \text { End of the year ......................} &135,000&73,000\\\end{array}$

If Jerry made no investments in the business and withdrew no assets during the year, what was the amount of net income earned by Jerry's Butcher Shop, Inc.?

---

Definitions:

Creative Behaviour

Involves actions aimed at generating new ideas, processes, or solutions within a given context or field.

Identity Shift

A process by which an individual's self-perception and presentation to others change, often due to new experiences or roles.

Open Innovation

A business management model that encourages companies to acquire external ideas and internal inventions to accelerate innovation and market adoption.

In-house R&D

Research and Development activities carried out within an organization, as opposed to outsourcing or external collaborations.