Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve part C only On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the owner

image text in transcribed

Solve part C only

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. Balance OMR Account Name Accounts Payable Accounts Receivable 3,400 34,500 Cash 32,600 Sales Revenues XXX 16,000 Auto Expense Personal loan |3,000 4,800 25,000 4800 Miscellaneous expense Beginning Equity Miscellaneous expense Supplies Rent Expense Dividends Salary expense Supplies expense 2,500 33.000 15,000 55,000 4,500 Requirements: a 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) b 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) C 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) 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. Balance OMR Account Name Accounts Payable Accounts Receivable 3,400 34,500 Cash 32,600 Sales Revenues XXX 16,000 Auto Expense Personal loan |3,000 4,800 25,000 4800 Miscellaneous expense Beginning Equity Miscellaneous expense Supplies Rent Expense Dividends Salary expense Supplies expense 2,500 33.000 15,000 55,000 4,500 Requirements: a 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) b 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) C 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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ASQ Auditing Handbook

Authors: J. P. Russell

3rd Edition

0873896661, 978-0873896665

More Books

Students also viewed these Accounting questions

Question

List behaviors to improve effective leadership in meetings

Answered: 1 week ago