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

question 202

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 made no investments in the business and no dividends 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:

Immature Moral Reasoning

A level of moral development in which individuals make decisions based on their own interests and the immediate consequences, without considering society's norms and laws.

Universal Moral Reasoning

The concept that there are fundamental principles of right and wrong that are recognized across all cultures and societies.

Acting Basis

The foundational principle or reason behind the execution of a particular role or behavior.

Benevolence

The quality of being well-meaning and kindly, often characterized by acts of generosity and compassion towards others.