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:

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