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Accounting for Business (BUSS20001) - Spring - 21 - CW (Assignment 1) - All-QP Accounting for Business (BUSS20001) - Spring - 21 - CW (Assignment 1) - All-QP 18,330 Bond payable Owner Drawing Cost of Goods Sold 5,500 12,600 17,500 Task 2 Demonstrate your understanding on the topics given below by going through pre-class asynchronous materials provided to you on MEC Learn and completing the quizzes given at MEC Learn as per the due dates Service revenue Salary payable Capital 19,700 281,000 6,330 5.000 a. Introduction to Accounting b. Users of Accounting C. Asset, Liability or Equity d. Basic Accounting Equation e Financial Statements Utility expenses Wages expenses Dividend Revenue Total 25,000 460,230 460,230 (10 marks) Q2. Given the following balance sheet for two different companies, you are required to 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 319 December 2021 (15 marks) Al-Zain Shop a. Calculate the following ratios for each company Current ratio Debt ratio Quick ratio Equity multiplier Debt to equity ratio (40 marks) b. Compare the performance of the two companies based on the results of ratios calculated in part (a) (20 marks) Trial Balance 31* December 2020 Account Debit Credit Bank Cash 75,000 Sale 87,500 5.000 3,700 250,000 Supplies Account payable Building Intangible asset Land Prepaid bills expense Account Receivable 10,000 35,000 800 55,000 Debenture 7,500 MEC_AMO_TEM_035_01 page 2 of 12 Page 2 of 12 MEC_AMO_TEM_035_01 Page 3 of 12 Page 3 of 12