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Financial details for Golden Gate Corp. as of April 30, 2024, are as follows. Calculate...

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Question

Accounting

  1. 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:

  1. Compute total debits and credits.
  2. Calculate the net income.
  3. Discuss the financial impact of salaries.
  4. Assess the importance of the profit and loss account.

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