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

question 143

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 but the company paid $5,000 in dividends during the year, what was the amount of net income earned by Jerry's Butcher Shop?

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Definitions:

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Corporate Social Responsibility

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Reasonable Price

A price that is fair and acceptable to both buyers and sellers, given the quality and nature of the product or service.

Services and Products

The combination of tangible goods and intangible activities that fulfill a need or want of consumers.