The Accounts of Odie Company with the Increases or Decreases

question 284

Short Answer

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

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