please answer competely 94: The following comparable balance sheet for Ibrahim Stores forthe year ended Dec.31, 2012:AccountsCashNotes receivableAccounts receivableInventoryPrepaid expensesShort term investmentBuilding & Equipment (netTotal AssetsAccounts payableInterest payableExpenses payableBonds payableCapitalRetained earning.Total liabilities & owners' equityDec. 31, 201284,500 S21,00095,000Jan.1, 201233,00020,00074,000150,00010,00010,000120,000490,5 00160,00012,00040,000100,000439,000135,000133,0009003,0002,00050,000200,00052,000280,00073,600490,500439.000 /An analysis of cash receipts and disbursements discloses the following:ReceiptsNew capital investmentDisbursementTrade creditor -Accounts Pay.Expenses80,000 S210,000 $Trae debtors - Notes and230,00070,000accounts65,000N/R discounted – Face value i 19,500Cash salesDividendsEquipment40,00028,0002000010% Note issued to bankdated March 31, 2012Sales of investment30,000Bonds50,00025,000Required:1) Prepare an income statement supported by schedules showingcomputation of revenue and expenses for the year ended in Dec. 31,2012.2) Prepare the retained earnings statement for the year ended in Dec. 31,2012.

Introduction An income statement is the financial statement that reveals income and expenditure of…

94: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012: Accounts Cash Notes receivable Accounts receivable Inventory Prepaid expenses Short term investment Building & Equipment (net) Total Assets Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity Jan.1, 2012 2$ Dec. 31, 2012 84,500 21,000 95,000 150,000 33,000 20,000 74,000 160,000 12,000 10,000 10,000 120,000 490,5 00 40,000 100,000 439.000 135,000 133,000 900 2,000 50,000 200,000 52,000 439.000 3,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following : Receipts New capital investment Disbursement Trade creditor - Accounts Pay. Expenses 80,000 S 210,000 $ Trae debtors - Notes and 230,000 70,000 accounts 65,000 Cash sales N/R discounted- Face value i 19,500 Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required : 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31. 2012.

94: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012: Accounts Cash Notes receivable Accounts receivable Inventory Prepaid expenses Short term investment Building & Equipment (net) Total Assets Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity Jan.1, 2012 2$ Dec. 31, 2012 84,500 21,000 95,000 150,000 33,000 20,000 74,000 160,000 12,000 10,000 10,000 120,000 490,5 00 40,000 100,000 439.000 135,000 133,000 900 2,000 50,000 200,000 52,000 439.000 3,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following : Receipts New capital investment Disbursement Trade creditor - Accounts Pay. Expenses 80,000 S 210,000 $ Trae debtors - Notes and 230,000 70,000 accounts 65,000 Cash sales N/R discounted- Face value i 19,500 Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required : 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31. 2012.

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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