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problem: The accounts of Acme 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

Except for net income, an investment of dollar 3,000 by the owner, and a withdrawal of dollar 11,000 by the owner, no other items affected the owner's capital account. Use the balance sheet equation, and find out net income for the past year.

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  • Category:- Basic Finance
  • Reference No.:- M920642

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