Jerry's Shop Had the Following Assets and Liabilities at the Beginning

question 218

Essay

Jerry's Shop had the following assets and liabilities at the beginning and end of the current year:

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

If there were no stockholder investments or dividends paid during the year, what was the amount of net income earned by Jerry's Shop?

---

Definitions:

Organizational Pluralism

An approach within organizations that promotes diversity, inclusivity, and coexistence of multiple cultures, viewpoints, and practices.

Organizational Engineering

A field that applies engineering principles and analytical approaches to the design and optimization of organizational structures, processes, and systems for improved performance.

Organizational Synergy

The increased effectiveness that results when individuals or groups work together cooperatively, producing a combined effect greater than the sum of their separate effects.

Ethnic Composition

The demographic makeup regarding the diverse ethnic groups within a population or organization.