Josephine's Bakery had the following assets and liabilities at the beginning and end of the current year: If Josephine invested an additional $12,000 in the business and 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 invested an additional $12,000 in the business and 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