ABC Consulting is a company that provides consulting services to clients in various industries. The following are
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Question:
ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the trial balance:
ABC Trial Balance 31/12/2022 | ||
Account | Debit (SAR) | Credit (SAR) |
Cash | 10,000 | - |
Accounts Receivable | 15,000 | - |
Supplies | 5,000 | - |
Equipment | 50,000 | - |
Accumulated Depreciation - Equipment | - | 10,000 |
Accounts Payable | - | 8,000 |
Unearned Revenue | - | 12,000 |
Common Stock | - | 40,000 |
Dividends | 5,000 | - |
Service Revenue | - | 60,000 |
Salaries Expense | 25,000 | - |
Rent Expense | 10,000 | - |
Depreciation Expense | 5,000 | - |
Supplies Expense | 3,000 | - |
Interest Expense | 2,000 | - |
Total | 130,000 | 130,000 |
Required:
- Prepare the income statement for the year ended 31 December 2022.
- Prepare the statement of retained earnings for the year ended 31 December 2022.
- Prepare the balance sheet as at 31 December 2022.
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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