Question 3: ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the trial balance: ABC Trial Balance 31/12/2022 Account Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Supplies Expense Interest Expense Total Debit (SAR) 10,000 15,000 5,000 50,000 5,000 25,000 10,000 5,000 3,000 2,000 130,000 Credit (SAR) 10,000 8,000 12,000 40,000 60,000 130,000 Required: 1.Prepare the income statement for the year ended 31 December 2022. 2.Prepare the statement of retained earnings for the year ended 31 December 2022. 3.Prepare the balance sheet as at 31 December 2022.

Question 3: ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the trial balance: ABC Trial Balance 31/12/2022 Account Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Supplies Expense Interest Expense Total Debit (SAR) 10,000 15,000 5,000 50,000 5,000 25,000 10,000 5,000 3,000 2,000 130,000 Credit (SAR) 10,000 8,000 12,000 40,000 60,000 130,000 Required: 1.Prepare the income statement for the year ended 31 December 2022. 2.Prepare the statement of retained earnings for the year ended 31 December 2022. 3.Prepare the balance sheet as at 31 December 2022.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.15MCE

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