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Q1. From the information given, prepare a statement of retained earnings.
ABC corporation had an initial investment of SAR50,000 cash and other information was as follows:
| Accounts payable | SAR12,000 | Office furnishings | SAR40,000 |
| Accounts receivable | 23,000 | Dividends | 6,000 |
| Cash | 17,200 | Rent expense | 3,600 |
| Fees earned | 30,000 | Salaries expense | 6,200 |
| Notes payable | 4,250 | Telephone expense | 250 |
Q2. Explain the pronouncements issued by IASB.
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