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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)
- 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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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
978-0137024971
