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  3. the following are the balances from the books of b

The following are the balances from the books of Blue Sky Enterprises as of June...

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Question

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:

  1. Calculate the total debits and credits.
  2. Determine the net income.
  3. Identify the component with the highest value.
  4. Discuss the impact of drawings on net income.

Answer & Explanation Solved by verified expert
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