The following are the balances from the books of Red Stone Enterprises as of March...
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Accounting
The following are the balances from the books of Red Stone Enterprises as of March 31, 2024. Calculate the company's net income.
Description | Debit (?) | Credit (?) |
Capital Account | 150,000 | |
Drawings | 20,000 | |
Sales | 300,000 | |
Purchases | 180,000 | |
Wages | 50,000 | |
Utilities | 10,000 | |
Rent | 25,000 | |
Miscellaneous Exp. | 5,000 | |
Profit and Loss | 10,000 |
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