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

question 109

Essay

Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year:
$$\begin{array} { l l l } & \text { Assets } & \text { Liabilities } \\\text { Beginning of the year } & \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$$
If stockholders invested an additional $12,000 in the business in exchange for common stock and $5,000 of dividends were paid during the year,what was the amount of net income earned by Jerry's Butcher Shop?

---

Definitions:

Writing

The act or process of composing text or content through symbols, particularly in a language, as a form of communication or expression.

Used Shotgun

A pre-owned firearm designed to shoot a number of small diameter pellets, which has been previously owned or utilized by someone else.

Breach of Contract

Breaching any terms and conditions that were mutually agreed upon in a legally enforceable agreement.