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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Definitions:

Measurement Error

refers to the difference between the actual value and the measured value caused by imprecision or inaccuracies in data collection or analysis.

Job Breadth

The extent of responsibilities and variety of tasks included in a job.

Individual Difference Moderators

Variables that influence how different people respond to the same situation or treatment.

Individual Preferences

The specific likes, dislikes, desires, and needs that vary from one person to another, influencing their behavior and choices.