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

question 201

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 but withdrew $5,000 during the year, what was the amount of net income earned by Jerry's Butcher Shop, Inc.?

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Definitions:

Thermodynamics

A branch of physics that deals with the relationships between heat and other forms of energy, and how these affect matter.

Conservation

The practice of protecting natural resources and the environment through preservation, management, and restoration efforts to prevent degradation.

Crude Oil

A natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials.

Distillation

A process of separating components from a liquid mixture by selective boiling and condensation, commonly used in the purification of water, alcohol, and chemicals.