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B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash...

Question:

B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supp

B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 | Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)

Answers

Lessi Sky COMPANY LTD. Income statement for the year ended 31 dee, 2019 · PARTICULARS AMOUNT C$) AMOUNT(*) Revenues 50,00,000STATEMENT OF OWNERS EQU974 PARTICULARS Amount (& Amount (4) Ownens equity Sky, capital 10,00,000 less: sky, Drawings 2,000,Sky Company Balance sheet (as on 31 dee, 2019) | AMOUNT (4) AMOUNT LA A. Equity and Liability 1. Owners equity 30,00,000 2.

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