Question: 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 calculate net income for the past year.