The Accounts of Odie Company with the Increases or Decreases

question 155

Essay

The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:
Except for net income,an investment of $3,000 by stockholders,and a cash dividend of $11,000 to stockholders,no other items affected stockholders' equity.Using the balance sheet equation,compute net income for the past year.

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Definitions:

Liable

Liable means being legally responsible or obligated to compensate for harm, damages, or loss resulting from one's actions or negligence.

Prosecuted

In legal context, it refers to the process of bringing charges against an individual or entity in a court of law.

Sufficient Funds

Having enough money available in an account to cover checks or withdrawals.

Forgery

The act of falsely making or altering a document with the intent to defraud.