Q3 Exercise 1:Prepare Income Statement of AI Khalid Enterprises for the year ended 31.12.2016 from the given information : Details Debit Credit Opening stock 20000 Sales 475000 Purchases 90000 Freight in 2550 Sales discount 870 Purchase returns 5000 Sales returns 2000 Stationery Expense 200 Salaries Expense 14000 Rent Expense 7000 Depreciation 3500 Purchase discount 150 Insurance Expense | 1500 Telephone charges 2000 Other income 5000 Rent received 3000 • Tax RO. 2800 • Closing Stock RO 20000

Q3 Exercise 1:Prepare Income Statement of AI Khalid Enterprises for the year ended 31.12.2016 from the given information : Details Debit Credit Opening stock 20000 Sales 475000 Purchases 90000 Freight in 2550 Sales discount 870 Purchase returns 5000 Sales returns 2000 Stationery Expense 200 Salaries Expense 14000 Rent Expense 7000 Depreciation 3500 Purchase discount 150 Insurance Expense | 1500 Telephone charges 2000 Other income 5000 Rent received 3000 • Tax RO. 2800 • Closing Stock RO 20000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 93.4C

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