Old MathJax webview

Financial Statements

INSTRUCTION: Read the questions carefully and use the information provided in each question to answer that question. Show all your calculation and workings.

QUESTION 1

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	Balance OMR
Accounts Payable	3,400
Accounts Receivable	34,500
Cash	32,600
Sales Revenues	xxx
Auto Expense	16,000
Personal loan	3,000
Miscellaneous	4,800
Beginning	25,000
Miscellaneous	4800
Supplies	2,500
Rent	33,000
Dividends	15,000
Salary	55,000
Supplies	4,500

Requirements:

1. 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 revenues. Total = 3 marks)

2. Prepare a statement of Equity for the or the month ended July 31,2020.

(Rubrics: 0.25 mark for each correct element and correct form of statement of stockholders' equity and heading, 0.5 mark each for the correct calculations of totals and retained earnings. Total = 3 marks)

3. Prepare a statement of balance sheet for the or the month ended July 31,2020.

(Rubrics: 0.25 mark for each correct element and correct form of statement of stockholders' equity and heading, 0.5 mark each for the correct calculations of totals and retained earnings. Total = 4 marks)

Correction of the table , Sorry.

Account Name Balance OMR Accounts Payable 3,400 Accounts Receivable 34,500 Cash 32,600 Sales Revenues XXX Auto Expense 16,000 Personal loan 3,000 4,800 25,000 Miscellaneous expense Beginning Equity Miscellaneous expense Supplies Rent Expense 4800 2,500 33,000 Dividends 15,000 55,000 Salary expense Supplies expense 4,500