Question # 1: (10 points) At December 31, 2019, Omran Co. financial records shows the following accounts and amounts. Cash $10,000 Accounts receivable 9,000 Supplies 6,000 Equipment 5,000 Accounts payable 7,000 Unearned consulting revenue 4,000 Share capital - ordinary 13,000 Retained earnings, Dec. 31, 2018 4,000 Retained earnings, Dec. 31, 2019 6,000 Dividends 13,000 Consulting revenue 33,000 Rental revenue 22,000 Supplies expense 8,000 Salaries expense 12,000 Rent expense 10,000 Supplies expense 2,000 Selling and administrative expenses 8,000 Required: Prepare the income statement, retained earnings statement and a St. financial position. Question #2: (5 points) A) Using T account for analysis, solve the following: a. ABC Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October. b. On September 30, HIJ Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October. C. During October, KLM Company had $102,500 of cash receipts and $103,150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30. d. During October, Monir Company had $97,500 of beginning retained earnings and $101,250 of ending retained earnings. The October 31 net income was $26,400. Determine how much cash the company had distributed as dividends in October e. On September 30, Nafez Co. had a $97,500 balance in Accounts Receivable. During October, the company collected $88,950 from its credit customers. The October 31 balance in Accounts Receivable was $100,500. Determine the amount of sales on account that occurred in October. 2