Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I want it as soon as possible pleaseee the other Miscellaneous is by mistake from the Dr. So its only one On July 31, 2020,
I want it as soon as possible pleaseee
the other Miscellaneous is by mistake from the Dr. So its only one
On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the owner was Rial 25,000 on July 1, 2020, the beginning of the month. The company was able to generate Rial 31,200 in Net Income for the month of July. Account Name Accounts Payable Balance OMR 3,400 34,500 32,600 Accounts Receivable Cash Sales Revenues XXX 16,000 3,000 4.800 25,000 4800 Auto Expense Personal loan Miscellaneous expense Beginning Equity Miscellaneous expense Supplies Rent Expense Dividends Salary expense Supplies expense 2.500 33,000 15,000 55,000 4,500 Requirements: a Using the above information, prepare the income statement for ABC Inc, for the month ended July 31,2020. (Rubrics: 0.25 mark for each correct element and correct form for Income Statement and heading, 1 mark for the correct calculations of exenues. Total -- 3 marks) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started