). Q2) The flowing balances are showedat Dec, 31, 2010. For Al-Zamman Company(amount in IQD) Merchandise inventory (1/1)750000, sales 5050000, sales returns50000, account receivable 350000,purchases 3000000, freight - in 10000,freight – out 20000, cash 1050000.equipment 1000000, administrativeexpense 350000, note receivable 600000,accounts payable 250000, notes payable50000, capital .?Ending inventory atcost 1000000 ending inventory at market900000. Required:1) Prepare incomestatement for the year ended Dec. 31, 2010.

The income statement refers to the statement in which all the revenue and expenses are considered…

Answered: 900000. Required:1) Prepare income…

Business

Accounting

900000. Required:1) Prepare income statement for the year ended Dec. 31, 2010.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

). Q2) The flowing balances are showed
at Dec, 31, 2010. For Al-Zamman Company
(amount in IQD) Merchandise inventory (1/1)
750000, sales 5050000, sales returns
50000, account receivable 350000,
purchases 3000000, freight - in 10000,
freight – out 20000, cash 1050000.
equipment 1000000, administrative
expense 350000, note receivable 600000,
accounts payable 250000, notes payable
50000, capital .?Ending inventory at
cost 1000000 ending inventory at market
900000. Required:1) Prepare income
statement for the year ended Dec. 31, 2010.

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