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 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
Chapter1: Financial Statements And Business Decisions
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