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

question 43

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 and dividends of $5,000 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:

Unethical Practices

Actions or behaviors that violate moral principles or professional standards.

Organizational Culture

The shared values, beliefs, and practices that influence how an organization's members interact and handle business.

Ethical Behavior

Conduct that is consistent with what society and individuals typically think are good values, involving honesty, fairness, and integrity.

Power Sharing

The distribution of authority and decision-making among multiple stakeholders or groups, often to ensure balanced governance.