Jerry's Butcher Shop Had the Following Assets and Liabilities at the Beginning

question 145

Essay

Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year:
Assets Liabilities
Beginning of the year $114,000 $68,000
End of the year 135,000 73,000
If there were no stockholder investments in the business and no dividends paid during the year, what was the amount of net income earned by Jerry's Butcher Shop?

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Definitions:

Anterior Pituitary

The front portion of the pituitary gland, which produces and releases hormones that regulate many different bodily functions.

Metabolism

The set of life-sustaining chemical reactions in organisms that enables the conversion of food to energy, the elimination of nitrogenous wastes, and the synthesis of complex molecules.

Neurosecretory Neurons

Specialized neurons that produce and release hormones into the blood, bridging the nervous system and endocrine system.

Posterior Pituitary

The rear portion of the pituitary gland, which releases hormones such as oxytocin and vasopressin into the bloodstream.