The Accounts of Odie Company with the Increases or Decreases

question 191

Short Answer

The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:
$\begin{array}{llcc}\text {Account } &\text { Increase} &\text { Decrease } \\ \hline\text {Cash................................. } &\$425,000\\ \text {Accounts receivable........... } &&\$(5,000)\\ \text { Accounts payable.............. } &&(11,000)\\ \text { Notes payable................... } &16,000\\\end{array}$


Except for net income, an investment of $3,000 by the stockholder, and a dividend of $11,000 by the stockholder, no other items affected the stockholders' equity balance. Using the balance sheet equation, compute net income for the past year.

Understand the process and implications of loaning cash and receiving notes receivable.

Ability to journalize credit card transactions and recognize service charges and finance charges.

Calculate accounts receivable turnover and average collection period.

Compute interest and principal amounts for notes, including those with missing information.

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