Josephines Bakery had the following assets and liabilities at the beginning

Question

Josephine's Bakery had the following assets and liabilities at the beginning and end of the current year:

	Assets	Liabilities
Beginning of the year	$114,000	$68,000
End of the year	135,000	73,000

If the owners invested an additional $12,000 in the business and dividends of $5,000 were paid during the year, what was the amount of net income earned by Josephine's Bakery during the current year?

Answer

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