Financial details for Golden Gate Corp. as of April 30, 2024, are as follows. Calculate...
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Accounting
- Financial details for Golden Gate Corp. as of April 30, 2024, are as follows. Calculate the company's net income.
Description | Debit (?) | Credit (?) |
Capital Account | 410,000 | |
Drawings | 40,000 | |
Sales | 680,000 | |
Purchases | 340,000 | |
Salaries | 80,000 | |
Utilities | 24,000 | |
Rent | 44,000 | |
Miscellaneous Expenses | 14,000 | |
Profit and Loss | 19,000 |
Requirements:
- Compute total debits and credits.
- Calculate the net income.
- Discuss the financial impact of salaries.
- Assess the importance of the profit and loss account.
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