Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case 5 You were given the Adjusted Trial Balance of Muscat United Food Industries LLC. 22,300 Muscat United Food Industries LLC Adjusted Trial Balance 31-Dec-19

image text in transcribed

image text in transcribed

image text in transcribed

Case 5 You were given the Adjusted Trial Balance of Muscat United Food Industries LLC. 22,300 Muscat United Food Industries LLC Adjusted Trial Balance 31-Dec-19 Accounts Debits(OMR) Credits (OMR) Unclaimed Dividend Accounts Receivable 22,450 Interest Payable 3200 Interest Received 750 Prepaid Interest 3,400 Bank Overdraft 4.350 Accounts Payable 1450 Bills Receivable 2.200 Capital 90.750 Cash 42,500 Furniture 3.540 Dividend 3500 Drawing 4,300 Machinery 50,500 Prepaid Rent 2,300 Miscellaneous Expense 500 Salary 2,400 Commission 1200 Prepaid Insurance 12.300 Travelling Expenses 2,250 Retained earnings 3.250 Bank Loan 10.250 Service Revenue 20,400 Wages Payable 2.240 Supplies 2.000 Motor Van 4,500 Electricity Expense 1,500 Totals 1,60,140 1,60,140 Required: Prepare the following: a. Income Statement b. Statement of Changes on Owner's Equity (5 Marks) (2 Marks) A. Income Statement for the year ended 31" December, 2019 OMR OMR B. Statement Showing Changes in Owner's Equity. Case be Using the information in case no. 5, prepare balance sheet of Muscat United Food Industries LLC. (8 marks) Balance Sheet of United Food Industries LLC as at 31 December, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Information Systems A Comprehensive Reference Guide

Authors: Jack J. Champlain

1st Edition

0471168904, 978-0471168904

More Books

Students also viewed these Accounting questions