Question: Q1. From the information given, prepare a statement of retained earnings. ABC corporation had an initial investment of SAR50,000 cash and other information was as

Q1. From the information given, prepare a statement of retained earnings.

ABC corporation had an initial investment of SAR50,000 cash and other information was as follows:

Accounts payable

SAR12,000

Office furnishings

SAR40,000

Accounts receivable

23,000

Dividends

6,000

Cash

17,200

Rent expense

3,600

Fees earned

30,000

Salaries expense

6,200

Notes payable

4,250

Telephone expense

250

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