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The Accounts of Odie Company with the Increases or Decreases

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The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:
 Account  Increase  Decrease  Cash $25,000 Accounts receivable $(5,000) Accounts payable (11,000) Notes payable 16,000\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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