Q2: Presented below is the adjusted trial balance of Basra Company, Balances as on December 31, 2014. (All amount in Iraqi Dinner) Cash 170000, Accounts receivable 150000, Notes receivable 50000, Prepaid insurance 65000, accrued interest revenue 75000, inventory 30000, long-term investment 300000, Land 1000 000, furniture 700000, accumulated depreciation- furniture 40000, Building 2200000, accumulated depreciation- building 200000, Note payable 30000, accounts payable 50000, accrued interest expense 55000 capital 3920000, retained earnings 250000, dividends declared 235000, sales 1500000, interest revenue 190000, cost of goods sold 800000, salaries expense, 85000, depreciation (furniture &building 240000), rent expense 55000, advertising expense 15000, insurance expense 65000. Required: Prepare the following financial statements 1- Income statement for the year ended 31/12/ 2014. 2- Statement of changes in owners' equity for the year ended 31/12/2014. 3- Balance Sheet as on 31/12/2014.

Q2: Presented below is the adjusted trial balance of Basra Company, Balances as on December 31, 2014. (All amount in Iraqi Dinner) Cash 170000, Accounts receivable 150000, Notes receivable 50000, Prepaid insurance 65000, accrued interest revenue 75000, inventory 30000, long-term investment 300000, Land 1000 000, furniture 700000, accumulated depreciation- furniture 40000, Building 2200000, accumulated depreciation- building 200000, Note payable 30000, accounts payable 50000, accrued interest expense 55000 capital 3920000, retained earnings 250000, dividends declared 235000, sales 1500000, interest revenue 190000, cost of goods sold 800000, salaries expense, 85000, depreciation (furniture &building 240000), rent expense 55000, advertising expense 15000, insurance expense 65000. Required: Prepare the following financial statements 1- Income statement for the year ended 31/12/ 2014. 2- Statement of changes in owners' equity for the year ended 31/12/2014. 3- Balance Sheet as on 31/12/2014.

Name: Q2: Presented below is the adjusted trial balance of Basra Company, B
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Description: Q2: Presented below is the adjusted trial balance of Basra Company, Balances as onDecember 31, 2014. (All amount in Iraqi Dinner)Cash 170000, Accounts receivable 150000, Notes receivable 50000, Prepaid insurance65000, accrued interest revenue 75000,

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.6.1P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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