Course: Financial Accounting and Principles

Q No 2: Saleem provided following Trial Balance on December 31, 2020 (8)

TITLE OF ACCOUNT	DEBIT	CREDIT
Cash	45,000
A/C Receivable	75,000
Office Equipment	325,000
Marketing Expense	12,500
Prepaid Advertising	8,500
Other Expense	6,000
Office Supplies Expense	3,500
Interest Expense	16,000
Merchandise Inventory-Beginning	27,800
Purchases	275,000
Transportation-In	22,000
Sales Return	12,000
Salaries Expense	65,000
Sales Revenue		475,000
Purchases Return		1800
Purchases Discount		4500
Interest Income		27,000
A/C Payable		35,000
Capital-Saleem		222,300
Short-Term Loan		55,000
Bill Payable		22,700
Long-Term Loan		50,000
Total	893,300	893,300

Merchandise Inventory-ending 12500

Required:

1. Prepared Comprehensive Income for the year ended December 31, 2020
2. Prepared Balance Sheet as on December 31, 2020