All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.
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Explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2021 (4 Marks)
Consulting revenue SAR100,000
Rental revenue 40,000
Supplies expense 10,000
Rent expense 60,000
Wages expense 30,000
