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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the
|
ABC Trial Balance 31/12/2022 |
||
| Account | Debit (SAR) | Credit (SAR) |
| Cash | 10,000 | - |
| 15,000 | - | |
| Supplies | 5,000 | - |
| Equipment | 50,000 | - |
| - | 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.
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