The Accounts of Odie Company with the Increases or Decreases

question 280

Short Answer

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

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Definitions:

Self-Esteem

The subjective evaluation or perception of one's own worth or importance.

Adaptive Value

The adaptive value of a trait or behavior pertains to its effectiveness in helping an organism survive and reproduce in its environment.

Conservation

The protection, preservation, management, or restoration of wildlife and natural resources.

Attachment

An emotional tie with another person; shown in young children by their seeking closeness to the caregiver and showing distress on separation.