financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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financial statement because they don't have accountant or a spe-
cialized person who can prepare correct financial statement. The
person who prepare financial statement always make a mistake
and mixing between income statement and statement of financial
position. The following information found in the AL-Naseem Com-
pany Trail Balance. Required from you as an accountant to help
AL-Naseem company to prepare:-
(A) An income statement.
(B) A retained earnings statement.
Long Term Loans
13,000
Retained Earnings at the
Beginning
4000
Сapital
80,000
Goodwill
9000
Trademark
1000
Purchases
163,700
Purchases discount
1800
Fright in
3475
Sales
198950
Account
Dr
Cr
Salaries Expenses
12100
Cash
20,000
Sales Return
7550
Account Receivable
18,000
Other Revenues
950
Account Payable
3000
Note Payable Short Term
2500
Other Information
Prepaid Expenses
2325
• Ending Inventory 37,625
• Tax Income 30%.
Loans Short Term
1350
Beginning Inventory
37500
Offices
30,000
Accumulated Depreciation
8400
Buildings
10,000
Transcribed Image Text:financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Сapital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 • Ending Inventory 37,625 • Tax Income 30%. Loans Short Term 1350 Beginning Inventory 37500 Offices 30,000 Accumulated Depreciation 8400 Buildings 10,000
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