ABC Consulting is a company that provides consulting services to clients in various industries. The...
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Accounting
ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the trial balance:
| ABC Trial Balance 31/12/2022 | ||
| Account | Debit (SAR) | Credit (SAR) |
| Cash | 10,000 | - |
| Accounts Receivable | 15,000 | - |
| Supplies | 5,000 | - |
| Equipment | 50,000 | - |
| Accumulated Depreciation - Equipment | - | 10,000 |
| Accounts Payable | - | 8,000 |
| Unearned Revenue | - | 12,000 |
| Common Stock | - | 40,000 |
| Dividends | 5,000 | - |
| Service Revenue | - | 60,000 |
| Salaries Expense | 25,000 | - |
| Rent Expense | 10,000 | - |
| Depreciation Expense | 5,000 | - |
| Supplies Expense | 3,000 | - |
| Interest Expense | 2,000 | - |
| Total | 130,000 | 130,000 |
Required:
- Prepare the income statement for the year ended 31 December 2022.
- Prepare the statement of retained earnings for the year ended 31 December 2022.
- Prepare the balance sheet as at 31 December 2022.
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