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Task 3 Q1. From the given trial balance of A-Zain Shop, prepare a. Income statement for the year 2021 (5 marks) b. Balance sheet for 31st December 2021 (15 marks) Al-Zain Shop Trial Balance 31st December 2020 Account Debit Credit Bank Cash 75,000 Sale 87,500 Supplies 5,000 Account payable 3,700 Building 250,000 Intangible asset 10,000 Land 35,000 Prepaid bills expense 800 Account Receivable 55,000 Debenture 7,500 MEC_AMO TEM_035_01 Page 2 of 12 Accounting for Business (BUSS20001) - Spring - 21 - CW (Assignment 1) - All-QP Bond payable 18,330 Owner Drawing 5,500 Cost of Goods Sold 12,600 Service revenue 17,500 Salary payable 19,700 Capital 281,000 Utility expenses 6,330 Wages expenses 5,000 Dividend Revenue 25,000 Total 460,230 460,230