The Accounts of Odie Company with the Increases or Decreases

question 48

Short Answer

The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:
$$\begin{array} { l c c } \text { Account } & \text { Increase } & \text { Decrease } \\\hline \text { Cash } & \$ 25,000 & \\\text { Accounts receivable } & & \$ ( 5,000 ) \\\text { Accounts payable } & & ( 11,000 ) \\\text { Notes payable } & 16,000 &\end{array}$$
Except for net income, an investment of $3,000 by the owner, and a withdrawal of $11,000 by the owner, no other items affected owner's equity. Using the balance sheet equation, compute net income for the past year.

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that shape the behavior and identity of everyone within an organization.

Values

The beliefs and principles that guide an individual's or organization's behavior, decisions, and actions.

Ideas

Concepts, thoughts, or plans generated in the mind as potential responses to a problem or as creative expressions.

Attitudes

A settled way of thinking or feeling about something, typically reflected in a person's behavior.