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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

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 Debit (SAR) Credit (SAR)
Cash 10,000 -
Accounts Receivable 15,000 -
Supplies 5,000 -
Equipment 50,000 -
Accumulated Depreciation - Equipment - 10,000
Accounts Payable - 8,000
Unearned Revenue - 12,000
Common Stock - 40,000
Dividends 5,000 -
Service Revenue - 60,000
Salaries Expense 25,000 -
Rent Expense 10,000 -
Depreciation Expense 5,000 -
Supplies Expense 3,000 -
Interest Expense 2,000 -
Total 130,000 130,000

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.

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