Here are the financial figures for White Sands Corp. as of September 30, 2024. Calculate...
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Accounting
- Here are the financial figures for White Sands Corp. as of September 30, 2024. Calculate the company's net income.
Description | Debit (?) | Credit (?) |
Capital Account | 350,000 | |
Drawings | 40,000 | |
Sales | 550,000 | |
Purchases | 250,000 | |
Salaries | 70,000 | |
Utilities | 30,000 | |
Rent | 45,000 | |
Miscellaneous Expenses | 10,000 | |
Profit and Loss | 12,000 |
Requirements:
- Compute total debits and credits.
- Determine net income.
- Explain the impact of utilities on net income.
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