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

question 162

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?