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

question 191

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?

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Definitions:

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