Description
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)
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ABC Co. Trial Balance December 31 |
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Cash |
SR 6,500 |
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|
Accounts receivable |
475 |
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|
Supplies |
2,500 |
|
|
Equipment |
17,000 |
|
|
Accounts payable |
SR745 |
|
|
Common stock |
10,000 |
|
|
Retained earnings |
11,155 |
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|
Dividends |
36,000 |
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|
Revenue earned |
72,000 |
|
|
Supplies expense |
3,425 |
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|
Rent expense |
6,000 |
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|
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
Write at least 7- references using the APA style.
Noticeable:
Please use simple language
Put the in-text quote in each.
Additions within the document
