Khaled Corporation's capital structure consists of 50,000 ordinary shares. At December 31, 2022 an analysis of the accounts and discussions with company officials revealed the following information: Sales Purchase discounts Purchases Loss on discontinued operations (net of tax) Selling expenses Cash Accounts receivable Share capital Accumulated depreciation Dividend revenue Inventory, January 1, 2011 Inventory, December 31, 2011 Unearned service revenue Accrued interest payable Land Patents Retained earnings, January 1, 2011 Interest expense General and administrative expenses Dividends declared Allowance for doubtful accounts Notes payable Machinery and equipment Materials and supplies Accounts payable SAR1,100,000 18,000 642,000 42,000 128,000 Instructions (a) Prepare an income statement. (b) Prepare a retained earnings statement. 60,000 90,000 200,000 180,000 8,000 152,000 125,000 4,400 1,000 370,000 100,000 290,000 17,000 150,000 29,000 5,000 200,000 450,000 40,000 60,000 The amount of income taxes applicable to ordinary income was SAR48,600, excluding the tax effect of the discontinued operations loss, which amounted to SAR18,000.

Khaled Corporation's capital structure consists of 50,000 ordinary shares. At December 31, 2022 an analysis of the accounts and discussions with company officials revealed the following information: Sales Purchase discounts Purchases Loss on discontinued operations (net of tax) Selling expenses Cash Accounts receivable Share capital Accumulated depreciation Dividend revenue Inventory, January 1, 2011 Inventory, December 31, 2011 Unearned service revenue Accrued interest payable Land Patents Retained earnings, January 1, 2011 Interest expense General and administrative expenses Dividends declared Allowance for doubtful accounts Notes payable Machinery and equipment Materials and supplies Accounts payable SAR1,100,000 18,000 642,000 42,000 128,000 Instructions (a) Prepare an income statement. (b) Prepare a retained earnings statement. 60,000 90,000 200,000 180,000 8,000 152,000 125,000 4,400 1,000 370,000 100,000 290,000 17,000 150,000 29,000 5,000 200,000 450,000 40,000 60,000 The amount of income taxes applicable to ordinary income was SAR48,600, excluding the tax effect of the discontinued operations loss, which amounted to SAR18,000.

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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