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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.
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Presence of the taxes increase or decrease the value of the firm
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