Fahad started a Marketing company on January 1, 2017. The following are the balances taken from the books (adjusted trial balance) as of December31, 2017. All figures are in AED.Fahad, Capital AED 20,000Printing equipment AED 8,000LandServices feesrevenueCashSalaries andwagesAccountsreceivableBank loan for 3yearsSalaries andwages payableAED 20,000AED 41,700AED 12,300AED 15,200AED 5,500AED 11,600SuppliesDepreciationExpensesAccounts payableAED 2,200Fahad Withdrawing AED 7001,200AccumulateddepreciationequipmentRent expensesSupplies expensesInsurance expensesAED 900AED 800AED 6,800AED 14,000AED 1,900AED 1,400Using the above information, you are required to prepare the followings:a. Income statement for the year ended December 31, 2017 (prepaid insurance AED 2,800b. Statement of Owner's Equity for the month ended December 31, 2017c. Balance sheet as at December 31, 2017 (1. Prepare the Income Statement for the year ending 31st December 2017.

Financial statements are those which are prepared by the entity for depicting the financial health…

Fahad started a Marketing company on January 1, 2017. The following are the balances taken from the books (adjusted trial balance) as of December 31, 2017. All figures are in AED. Fahad, Capital AED 20,000 Printing equipment AED 8,000 Land Services fees revenue Cash Salaries and wages Accounts receivable Bank loan for 3 years Salaries and wages payable AED 20,000 AED 41,700 AED 12,300 AED 15,200 AED 5,500 AED 11,600 Supplies Depreciation Expenses Accounts payable Fahad Withdrawing 1,200 Accumulated depreciation equipment Rent expenses Supplies expenses Insurance expenses AED 900 AED 800 AED 2,200 AED 700 AED 6,800 AED 14,000 AED 1,900 AED 1,400 Using the above information, you are required to prepare the followings: a. Income statement for the year ended December 31, 2017 ( prepaid insurance AED 2,800 b. Statement of Owner's Equity for the month ended December 31, 2017 c. Balance sheet as at December 31, 2017 ( 1. Prepare the Income Statement for the year ending 31st December 2017.

Fahad started a Marketing company on January 1, 2017. The following are the balances taken from the books (adjusted trial balance) as of December 31, 2017. All figures are in AED. Fahad, Capital AED 20,000 Printing equipment AED 8,000 Land Services fees revenue Cash Salaries and wages Accounts receivable Bank loan for 3 years Salaries and wages payable AED 20,000 AED 41,700 AED 12,300 AED 15,200 AED 5,500 AED 11,600 Supplies Depreciation Expenses Accounts payable Fahad Withdrawing 1,200 Accumulated depreciation equipment Rent expenses Supplies expenses Insurance expenses AED 900 AED 800 AED 2,200 AED 700 AED 6,800 AED 14,000 AED 1,900 AED 1,400 Using the above information, you are required to prepare the followings: a. Income statement for the year ended December 31, 2017 ( prepaid insurance AED 2,800 b. Statement of Owner's Equity for the month ended December 31, 2017 c. Balance sheet as at December 31, 2017 ( 1. Prepare the Income Statement for the year ending 31st December 2017.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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