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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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