Carlton company had assetsof $280,000 & liabilities of $120,000 at the beginning of the year and… 1 answer below »

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

Carlton company had assetsof $280,000 & liabilities of $120,000 at the beginning of the year and assets of $400,000 & liabilities of $140,000 at the end of the year. During the year, the owner invested an additional $40,000 in the business, and the company made withdrawals of $48,000. What amount of net income did the company earn during the year?