List of balances for Silver Lining Inc. as of February 28, 2024:Capital Account: ?275,000 (Credit)Drawings:...
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Accounting
- List of balances for Silver Lining Inc. as of February 28, 2024:
- Capital Account: ?275,000 (Credit)
- Drawings: ?25,000 (Debit)
- Sales: ?525,000 (Credit)
- Purchases: ?225,000 (Debit)
- Wages: ?55,000 (Debit)
- Utilities: ?12,000 (Debit)
- Rent: ?28,000 (Debit)
- Miscellaneous Expenses: ?8,000 (Debit)
- Profit and Loss: ?14,000 (Credit)
Requirements:
- Calculate total debits and credits.
- Compute the net income.
- Discuss the significance of rent expenses.
- Evaluate the impact of wages on net income.
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