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

question 202

Essay

Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year:
$\begin{array} { l c c } & \text { Assets } & \text { Liabilities } \\\text { Beginning of the year } \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$
-
If Jerry invested an additional $12,000 in the business during the year, but withdrew no assets during the year, what was the amount of net income earned by Jerry's Butcher Shop?

---

Definitions:

Social Conventional

Refers to rules or norms that govern behaviors within a society, including manners, etiquette, and social rituals, which can vary between cultures.

Social-information Processing

The analysis and interpretation of social cues and information to understand and respond to social interactions.

Negotiating

The act of discussing to reach an agreement or compromise between parties with different views or objectives.

Overestimate

Involves estimating a value or number to be higher than it actually is, often due to bias or misinformation.