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As of November 30, 2024, the financial records of Emerald Bay Co. include the following...

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Question

Accounting

  1. As of November 30, 2024, the financial records of Emerald Bay Co. include the following balances: the capital account had a credit balance of ?390,000, drawings were ?33,000, sales amounted to ?640,000, purchases totaled ?320,000, wages were ?77,000, utilities expenses were ?19,000, rent was ?36,000, miscellaneous expenses were ?13,000, and the profit and loss account showed a credit of ?17,000. Calculate the net income for Emerald Bay Co.

Requirements:

  1. Calculate total debits and credits.
  2. Determine the net income.
  3. Evaluate the role of rent expenses.
  4. Suggest ways to reduce miscellaneous expenses.

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