Question
Al Baik Restaurant provided you with the following trial balance as of December 31, 2023: Account Title Debit (SAR) Credit (SAR) Cash 300,000 Accounts Receivable
Al Baik Restaurant provided you with the following trial balance as of December 31, 2023:
Account Title | Debit (SAR) | Credit (SAR) |
Cash | 300,000 | |
Accounts Receivable | 200,000 | |
Inventory | 100,000 | |
Property, Plant, and Equipment | 1,500,000 | |
Accumulated Depreciation | 200,000 | |
Accounts Payable | 150,000 | |
Long-Term Debt | 500,000 | |
Common Stock | 1,000,000 | |
Retained Earnings | 1,000,000 | |
Sales Revenue | 3,000,000 | |
Cost of Goods Sold | 1,500,000 | |
Operating Expenses | 800,000 | |
Income Tax Expense | 200,000 | |
Dividends | 300,000 |
Prepare a horizontal income statement for Al Baik Restaurant for the year ended December 31, 2023, in SAR. Ensure to include all necessary calculations and classifications of revenues and expenses.
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