Question: Q1- Explain the Accounting cycle steps. (3 Marks). Q2- List the usefulness and limitations of income statement. (3Marks). Q3. From the information given, prepare a

Q1- Explain the Accounting cycle steps. (3 Marks). Q2- List the usefulness and limitations of income statement. (3Marks). Q3. From the information given, prepare a statement of retained earnings. . (4Marks). ABC corporation had an initial investment of SAR50,000 cash and other information was as follows

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