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Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan: Opened business by issuing shares for $80,000 cash. 20

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Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan: Opened business by issuing shares for $80,000 cash. 20 Feb: Obtained a bank loan and signed a note for $20,000 cash. 28 Feb: Received advertising bill, to be paid later, $29,000. 1 April: Billed customers for services already performed, $14,000. 1 May: Paid cash three quarters of the advertising bill in transaction 28 Feb. above. 15 June: Received $14,000 cash from customers already billed in 1 April above. 1 August: Received $14,000 cash for services already performed during 2016. 3 September: Received $14,000 cash in advance before performing a service. 1 November: Paid $1,000 cash for Salaries. 31 December: Paid cash for 3 years insurance in advance, $3,000. 31 December: Dividends of $3,600 were declared and paid cash. Required: Calculate: (a) Ending balance of Cash at 31/12/2016, (b) Ending balance of Accounts Receivable at 31/12/2016, (c) Total liabilities that will appear in the Balance Sheet at 31/12/2016, and (d) Net income for the year ended 31 December 2016

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