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

question 146

Essay

Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year:
$\begin{array} { l c c } & \text { Assets } & \text { Liabilities } \\\text { Beginning of the year } \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$
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If Jerry made no investments in the business and withdrew no assets during the year, what was the amount of net income earned by Jerry's Butcher Shop?

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Definitions:

OB Scholars

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