On July 31, 2020, the account balances of ABC Co. for the month are listed below. The
Question:
On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the owner was Rial 25,000 on July 1, 2020, the beginning of the month. The company was able to generate Rial 31,200 in Net Income for the month of July.
Account Name | Balance OMR |
Accounts Payable | 3,400 |
Accounts Receivable | 34,500 |
Cash | 32,600 |
Sales Revenues | xxx |
Auto Expense | 16,000 |
Personal loan | 3,000 |
Miscellaneous | 4,800 |
Beginning | 25,000 |
Miscellaneous | 4800 |
Supplies | 2,500 |
Rent | 33,000 |
Dividends | 15,000 |
Salary | 55,000 |
Supplies | 4,500 |
Requirements:
- Using the above information, prepare the income statement for ABC Inc, for the month ended July 31,2020.
Prepare a statement of Equity for the or the month ended July 31,2020.
Prepare a statement of balance sheet for the or the month ended July 31,2020.
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella