Question
The following are the balances from the books of Green Hill Enterprises as of June 30, 2024. Calculate the company's net income. Description Debit ($)
The following are the balances from the books of Green Hill Enterprises as of June 30, 2024. Calculate the company's net income.
Description | Debit ($) | Credit ($) |
Capital Account | 200,000 | |
Drawings | 15,000 | |
Sales | 400,000 | |
Purchases | 220,000 | |
Wages | 60,000 | |
Utilities | 12,000 | |
Rent | 28,000 | |
Miscellaneous Expenses | 6,000 | |
Profit and Loss | 15,000 |
Requirements:
- Calculate the total debits and credits.
- Determine the net income.
- Identify the component with the highest debit value.
- Analyze the impact of drawings on net income.
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
