Josephine's Bakery had the following assets and liabilities at the beginning and end of the current year: If Josephine made no investments in the business but withdrew $5,000 during the year, what was the amount of net income earned by Josephine's Bakery?

Question

Josephine's Bakery had the following assets and liabilities at the beginning and end of the current year:  If Josephine made no investments in the business but withdrew $5,000 during the year, what was the amount of net income earned by Josephine's Bakery?

Josephine's Bakery Had the Following Assets and Liabilities at the Beginning