Victor Services Had the Following Assets and Liabilities at the Beginning

question 89

Essay

Victor Services had the following assets and liabilities at the beginning and end of the current year:

$\begin{array} { l l l } & \text { Assets } & \text { Liabilities } \\\text { Beginning of the year } & \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$

If $12,000 of common stock was issued during the year, but no dividends were paid during the year, what was the amount of net income earned by Victor Services?

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Definitions:

Product Launch

The introduction of a new product into the market, often accompanied by marketing efforts.

Source

The originator of a thought or emotion, who puts it into a code that can be understood by a receiver.

Channel

The means by which a message is expressed to the receiver.

Graduate School

An advanced program of study focused on a particular academic discipline or profession, typically after earning a bachelor’s degree.