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.

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Definitions:

Level of Control

Pertains to the degree of influence or regulation one has over variables in a specific environment or situation.

Blended Families

Families created by the joining of adults in unions with one or more of the adults having children brought into the new family.

New Roles

New Roles refers to the adoption of different responsibilities or positions in life, work, or social contexts, often due to changes in circumstances or stages of life.

Boundaries

Limits established by individuals or in relationships that define acceptable behaviors and interactions, promoting healthy communication and respect.