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Q No.8 Saleem provided following Trial Balance on December 31, 2002 and adjustment data. TITLE OF ACCOUNT DEBIT CREDIT CASH 45,000 A/C RECEIVABLE 75,000 OFFICE EQUIPMENT 325,000 MARKETING EXPENSE 12,500 PREAPID ADVERTISING 8,500 OTHER EXPENSE 6,000 OFFICE SUPPLIES EXPENSE 3,500 INTEREST EXPENSE 16,000 MDS. 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 Adjustment data 1. Depreciation on non-current assets @2% 2. Income Tax 10% 3. Merchandise Inventory-ending 12500 Required: 1. Prepare Income Statement 2. Prepare Balance sheet 3. Prepare closing entries

Solve question Question no6 in Attached in Pic not accept in text question

Q No. 6 The Trial Balance from the given data of Funfood Enterprises on August 31st, 2005. Prepaid insurance Cash Office stationary Sales revenue Commission income Office salaries Capital- Haroon Drawing-Haroon Equipment A/c payable Utility expense Bank overdraft Insurance expense Note payable Building Prepaid rent 4500 15600 5600 1175000 25000 56000 575000 45000 45000 56000 12000 75000 5000 32000 750000 40000 Athar Iqbal athar@iqra.edu.pk A c Receivable Loan from bank Marketable securities Interest expense Operating expenses 60000 300000 50000 12000 1125,300 Prepare Income Statement and Balance Sheet