As of December 31, 2023, Green Field Co. has the following balances. Calculate the net...
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Accounting
- As of December 31, 2023, Green Field Co. has the following balances. Calculate the net income for the company.
- Capital Account: ?400,000 (Credit)
- Drawings: ?50,000 (Debit)
- Sales: ?600,000 (Credit)
- Purchases: ?300,000 (Debit)
- Salaries: ?80,000 (Debit)
- Utilities: ?20,000 (Debit)
- Rent: ?40,000 (Debit)
- Miscellaneous Expenses: ?15,000 (Debit)
- Profit and Loss: ?20,000 (Credit)
Requirements:
- Calculate the total debits and credits.
- Compute the net income.
- Analyze the effect of drawings on the financial health of the company.
- Suggest ways to improve net income.
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