The following are the balances from the books of Blue Sky Enterprises as of June...
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Accounting
The following are the balances from the books of Blue Sky Enterprises as of June 30, 2024. Calculate the company's net income.
Description | Debit (?) | Credit (?) |
Capital Account | 250,000 | |
Drawings | 30,000 | |
Sales | 450,000 | |
Purchases | 220,000 | |
Wages | 60,000 | |
Utilities | 15,000 | |
Rent | 35,000 | |
Miscellaneous Expenses | 10,000 | |
Profit and Loss | 15,000 |
Requirements:
- Calculate the total debits and credits.
- Determine the net income.
- Identify the component with the highest value.
- Discuss the impact of drawings on net income.
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