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The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Total income summary (Closing income statement)) to be credited at the end 31st December 2020? a. OMR 260,000 b. OMR 235,800 c. OMR 233,800 d. OMR 234,800 What will be the Total General and Administration expenses assumes that the business follows Multi-step Income statement? a. OMR 66300 b. OMR 56500 c. OMR 2800 d. OMR 1800 What will be the Income from operation assumes that the business follows Multi step income statement? a. OMR 19,500 b. OMR 9,500 c. OMR 14,500 d. OMR 10,000

The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Total income summary (Closing income statement)) to be credited at the end 31st December 2020? a. OMR 260,000 b. OMR 235,800 c. OMR 233,800 d. OMR 234,800 What will be the Total General and Administration expenses assumes that the business follows Multi-step Income statement? a. OMR 66300 b. OMR 56500 c. OMR 2800 d. OMR 1800 What will be the Income from operation assumes that the business follows Multi step income statement? a. OMR 19,500 b. OMR 9,500 c. OMR 14,500 d. OMR 10,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6E
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The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Total income summary (Closing income statement)) to be credited at the end 31st December 2020? a. OMR 260,000 b. OMR 235,800 c. OMR 233,800 d. OMR 234,800 What will be the Total General and Administration expenses assumes that the business follows Multi-step Income statement? a. OMR 66300 b. OMR 56500 c. OMR 2800 d. OMR 1800 What will be the Income from operation assumes that the business follows Multi step income statement? a. OMR 19,500 b. OMR 9,500 c. OMR 14,500 d. OMR 10,000 What will be the Net sales assumes that the business follows Multi-step income statement? a. OMR 254,400 b. OMR 232,800 c. OMR 24,400 d. OMR 260,000 Which of the following statement is False for a Simple-Step Income Statement? a. Total expenses cannot be calculated b. Net Sales can be calculated c. Net Profit can be calculated d. Cost of goods sold will be taken under total expenses
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