Question: ** ****Please do not copy and paste. I want a unique answer ****Please use the keyboard to answer Course Name: Principles of Accounting Q2. Based
** ****Please do not copy and paste. I want a unique answer
****Please use the keyboard to answer
Course Name: Principles of Accounting
Q2. Based on the following trial balance for ABC Co, prepare an income statement, statement of retained earnings and a balance sheet. The company made no additional investments in the companyduring the year.
(Marks5)
| ABC Co. Trial Balance December 31 | ||
| Cash | SR 6,500 | |
| Accounts receivable | 475 | |
| Supplies | 2,500 | |
| Equipment | 17,000 | |
| Accounts payable | SR 745 | |
| Common stock | 10,000 | |
| Retained earnings | 11,155 | |
| Dividends | 36,000 | |
| Revenue earned | 72,000 | |
| Supplies expense | 3,425 | |
| Rent expense | 6,000 | |
| Wages expense | 22,000 | |
| Totals | SR93,900 | SR93,900 |
Answer:
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