financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

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Description: financial statement because they don't have accountant or a spe-cialized person who can prepare correct financial statement. Theperson who prepare financial statement always make a mistakeand mixing between income statement and statement of financia

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 8Q

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i dont understand what theyre asking for. if you could further explain the break down of accounts that would help too. I think im having trouble with where "salaries payable" would fall/ also when you pay a loan that you owed, where does that trasaction fall? im currently doing journal entries (chapter 2 in McGrawHill) but i think im still having trouble with chapter 1 which covers Income Statements/ Measurments of Stockholders Equity and Balance sheets.
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Mr. Mahmoud is the owner of EFG company his finance manager Miss. Bushra presented financial statements with big difference of percentage declined in terms of assets, net income and high increased of liabilities compared to the last year. Mr. Mahmoud ask Miss. Bushra to give explanation, that did not satisfy him. Mr. Mahmoud decided to hire external auditor to clear his doubts.Based on the above scenario:1. Wite at least 3 interpretations of financial statement which the auditor may provide. Justify your answer practically .2. How auditor will plan his work to clear Mr. Mahmoud’s doubts? Suggest some recommendations on how to rectify the issues in the above cited case .