Can you help me with this question Question 1The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are asfollows:ABDULLAH COMPANYWorksheetFor the Year Ended December 31, 2019Balance SheetCreditIncome StatementAccountsDebitDebitCreditCash8,000Accounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentPatents26,0004,5007,00041,0004,8007,500Accounts PayableNotes Payable (due 2020)Owner's CapitalOwner's DrawingsService RevenueSalaries and Wages ExpenseDepreciation ExpenseInsurance ExpenseInterest Expense22,20020,00043,3004.20026,4005,2004,8005,0003.500Totals18,50026,40098,20090,300Net Income7,9007,90026,40026,40098,20098,200InstructionsPrepare a classified balance sheet for Abdullah Company

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Question 1 The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are as follows: ABDULLAH COMPANY Worksheet For the Year Ended December 31, 2019 Balance Sheet Credit Income Statement Accounts Debit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Patents Accounts Payable Notes Payable (due 2020) Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Depreciation Expense Insurance Expense Interest Expense 8,000 26,000 4,500 7,000 41,000 4,800 7,500 22,200 20,000 43,300 4,200 26,400 5,200 4,800 5,000 3,500 18,500 Totals 26,400 98,200 90,300 Net Income 7,900 7,900 26,400 26,400 98,200 98,200 Instructions Prepare a classified balance sheet for Abdullah Company

Question 1 The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are as follows: ABDULLAH COMPANY Worksheet For the Year Ended December 31, 2019 Balance Sheet Credit Income Statement Accounts Debit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Patents Accounts Payable Notes Payable (due 2020) Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Depreciation Expense Insurance Expense Interest Expense 8,000 26,000 4,500 7,000 41,000 4,800 7,500 22,200 20,000 43,300 4,200 26,400 5,200 4,800 5,000 3,500 18,500 Totals 26,400 98,200 90,300 Net Income 7,900 7,900 26,400 26,400 98,200 98,200 Instructions Prepare a classified balance sheet for Abdullah Company

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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