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 expense	4,800
Beginning Equity	25,000
Miscellaneous expense	4800
Supplies	2,500
Rent Expense	33,000
Dividends	15,000
Salary expense	55,000
Supplies expense	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)