Blue Ridge Enterprises presents the following balances as of July 31, 2024. Calculate the net...
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Accounting
- Blue Ridge Enterprises presents the following balances as of July 31, 2024. Calculate the net income.
- Capital Account: ?370,000 (Credit)
- Drawings: ?30,000 (Debit)
- Sales: ?620,000 (Credit)
- Purchases: ?310,000 (Debit)
- Wages: ?75,000 (Debit)
- Utilities: ?22,000 (Debit)
- Rent: ?40,000 (Debit)
- Miscellaneous Expenses: ?11,000 (Debit)
- Profit and Loss: ?16,000 (Credit)
Requirements:
- Determine total debits and credits.
- Calculate the net income.
- Analyze the impact of purchases on net income.
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