Answer the question









Q3. Based on the following trial balance for ABC Co, prepare an income statement, statement of retained earnings and a balance sheet. The company made no additional investments in the company during the year. (Marks5)

  ABC Co.

Trial Balance

December 31

Cash   SR 6,500  
Accounts receivable   475  
Supplies   2,500  
Equipment   17,000  
Accounts payable     SR  745
Common stock     10,000
Retained earnings     11,155
Dividends   36,000  
Revenue earned     72,000
Supplies expense   3,425  
Rent expense   6,000  
Wages expense   22,000  
Totals   SR93,900 SR93,900




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