Archer Co Had the Following Assets and Liabilities at the Beginning

question 176

Essay

Archer Co. 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, and the business paid $5,000 in dividends during the year, what was the amount of net income earned by Archer Co.?

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