Income statement from incomplete info from balance sheet

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Reference no: EM1315920

Income Statement from incomplete info from balance sheet.

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 Recivable     $(5,000)
Accounts Payable        (11, 000)
Notes Payable             16,000

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 the owner's capital account. Using the balance sheet equation, compute net income for the past year.

Reference no: EM1315920

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