On January $12020,$ Ali started Courier Company in Dubai. Following data are

provided for the business:

Required:

Use the information above to prepare in good form following financial

statementsfor Ali Courier Company for the year ended $31$st December $2020.$

a$)$ Income Statement.

b$)$ Owner's Equity Statement.

Calculate total assets and total liabilities

Answer $2$:

Total assets $=40,000+59,000+6,000+2,500+18,000$

Total liabilities $=10,000+2,000+12,000$