Other items affected the stockholders equity account

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Reference no: EM131219548

The accounts of Garfield Company with increases or decreases that occurred during the past year are as follows:

Cash: increased by $25,000

Accounts Receivable: decreased by $5000

Accounts Payable: decreased by $11000

Notes Payable: increased by $16000

Except for net income, an investment of $3000 by the owner, and a dividend paid of $11000, no other items affected the stockholder's equity account. Use the accounting equation (Assets=Liabilities+ Stockholder's Equity) to compute net income for the past year.

Reference no: EM131219548

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