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:

Group Objects

A feature in graphical and software development environments that allows multiple objects to be treated as a single unit for easier manipulation and management.

Check Box Control

An interactive element in a user interface that allows users to select or deselect one or more options from a list.

Subform/Subreport Control

A control in database applications that displays data from a related secondary source within a main form or report.

Form Design View

The mode in database applications where the layout, structure, and design of a form for entering or displaying data can be edited.