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Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000 Opening Inventory 30000 Interest 6000 Salaries 10000 Furniture 12000 Long term loans 13200 Accounts payable 7000 |Сapital 51000 Service Revenue 8000 Sales 20000 Drawings 1200 Purchases 9000 Telephone Expenses 8000 Total 105200 105200 Adjustment information: 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |2] Closing Inventory for merchandise is RO 15000 3] Accrued (outstanding) telephone expense is RO 250 4] Service revenue earned but not yet collected are RO 2000

Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000 Opening Inventory 30000 Interest 6000 Salaries 10000 Furniture 12000 Long term loans 13200 Accounts payable 7000 |Сapital 51000 Service Revenue 8000 Sales 20000 Drawings 1200 Purchases 9000 Telephone Expenses 8000 Total 105200 105200 Adjustment information: 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |2] Closing Inventory for merchandise is RO 15000 3] Accrued (outstanding) telephone expense is RO 250 4] Service revenue earned but not yet collected are RO 2000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...
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Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000 Opening Inventory 30000 Interest 6000 Salaries 10000 Furniture 12000 |Long term loans 13200 Accounts payable 7000 Сapital 51000 Service Revenue 8000 Sales 20000 Drawings 1200 Purchases 9000 Telephone Expenses 8000 Total 105200 105200 Adjustment information: 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |2] Closing Inventory for merchandise is RO 15000 3] Accrued (outstanding) telephone expense is RO 250 4] Service revenue earned but not yet collected are RO 2000
Transcribed Image Text:Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000 Opening Inventory 30000 Interest 6000 Salaries 10000 Furniture 12000 |Long term loans 13200 Accounts payable 7000 Сapital 51000 Service Revenue 8000 Sales 20000 Drawings 1200 Purchases 9000 Telephone Expenses 8000 Total 105200 105200 Adjustment information: 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |2] Closing Inventory for merchandise is RO 15000 3] Accrued (outstanding) telephone expense is RO 250 4] Service revenue earned but not yet collected are RO 2000
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