Q1.On your own words, outline the accounting principles and assumptions and explain each one.(Marks5)
Q2. What is the accounting cycle? Explain every step starting from analyzing transactions to preparing post-closing trial balance.(Marks5)
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 | SR745 | |
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 |
My order:
1- No plagiarism, no match please.
2-You can find the instructions inside the doc
3- Please write a paper in the document
4- Write a report on whatever you use to research and what you write in a different document because we will discuss it separately in class