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Accounting assignment
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Surname 1
Student’s Name
Tutor
Course
Date
Case- 4
You were given the ledger balances of Safeya Graphics Arts for
the year ended December 31, 2019:
Accounts
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advertising Expense
Service Revenues
Building
Cash
Depreciation-Building
Depreciation-Equipment
Bank
Bank overdraft
Amount
(OMR)
122
,50
0
219
,00
0
60,
000
60,
000
105
,00
0
1,4
37,
500
450
,00
0
36,
200
30,
000
30,
000
42,
500
48,
500
Surname 2
Unearned Revenue
Supplies Expense
Equipment
Interest Expense
Land
Miscellaneous Expense
Bills Payable
Notes Payable
Office Supplies
Capital
Drawings
Representation Expense
Salaries Payable
Travel Expense
Salaries Expense
12,
000
18,
000
217
,00
0
37,
000
120
,00
0
24,
600
395
,00
0
50,
500
17,
200
213
,00
0
148
,60
0
164
,00
0
17,
300
159
,00
0
673
,20
0
During the year, Safeya invested additional OMR 75,000 in the
business.
Question No. 5
Surname 3
Required: Prepare the following:
a. Income Statement
b. Statement of Changes on Owner’s Equity
(4.5 Marks)
(2.5Marks)
A. Income Statement for the year ended 31st December, 2019
Safeya Graphics Arts
Income statement
For the year ended 31 December 2019
OMR
Service Revenue
EXPENSES
Advertising expense
Supplies expense
Interest expense
Miscellaneous expense
Representation expense
Travel expense
Salaries expense
Depreciation expense on building
Depreciation expense on equipment
TOTAL EXPENSES
OMR
1437500
105000
18000
37000
24600
164000
159000
673200
60000
60000
NET INCOME
13...