How to prepare the income statement for year ended march

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Question 1: You are assigned to prepare the income statement for the year ended 31 March 2020 and the balance sheet as at 31 March 2020 based on the following information:

Accounts                                      RM

Cash                                      31,000

Accounts Receivable                 76,000

Supplies                                   9,500

Office Equipment                      12,000

Accumulated Depreciation            3,600

Accounts Payable                        24,000

Salaries Payable                          16,000

Capital                                      71,220

Drawings                                        13,000

Service Revenue                            95,400

Interest Income                            11,500

Salaries Expense                           39,700

Supplies Expense                             4,200

Depreciation Expense                         1,200

Rental Expense                                 5,000

Miscellaneous Expense                            120

Reference no: EM132551781

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