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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.

Basic Finance, Finance

  • Category:- Basic Finance
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