The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $55,000 for personal use and had made an additional investment of $33,000 in the business.
Calculate the net income for the year.
Definitions:
Core Values
Fundamental principles or beliefs that guide an individual's or organization's actions and decisions; the essence of an entity's identity.
Cultural Diversity
The existence of a variety of cultural or ethnic groups within a society, organization, or team, emphasizing the value of diverse perspectives.
Managing Activities
The process of planning, organizing, directing, and controlling resources to achieve specific goals within an organization or project.
Employee Empowerment
The practice of giving employees the authority and autonomy to make decisions and take actions that affect their work.
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