1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for OMR 7,000 4. Paid rent OMR _______4000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR __11000 7. Sold goods for OMR ___6000 8. Purchase goods for OMR 4000 and paid 50% cash. 9. Withdrawn 10 % of capital from the business for personal use. 10. Deposited OMR 2,000 in the bank. 11. Sold car for OMR __8000 12. Withdrawn money from bank OMR 1,000 Q1) 1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step. 2. Give details of Revenue along with NOTE Number from the Notes disclosures portion. 3. Details of Operating expenses (Administrative and Selling and Marketing). 4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number. 5. Show a picture of Retained Earnings statement or Equity Statement as an reverence to your assigned work with highlighting last year retained earning balance.
1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for OMR 7,000 4. Paid rent OMR _______4000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR __11000 7. Sold goods for OMR ___6000 8. Purchase goods for OMR 4000 and paid 50% cash. 9. Withdrawn 10 % of capital from the business for personal use. 10. Deposited OMR 2,000 in the bank. 11. Sold car for OMR __8000 12. Withdrawn money from bank OMR 1,000 Q1) 1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step. 2. Give details of Revenue along with NOTE Number from the Notes disclosures portion. 3. Details of Operating expenses (Administrative and Selling and Marketing). 4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number. 5. Show a picture of Retained Earnings statement or Equity Statement as an reverence to your assigned work with highlighting last year retained earning balance.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
Related questions
Topic Video
Question
1. Started business with OMR 45,000
2. Purchase goods from Mr. Ahmed OMR 9,000
3. Bought machine for OMR 7,000
4. Paid rent OMR _______4000
5. Sold goods on credit to Mr. Yusuf for OMR 12,000
6. Received interest OMR __11000
7. Sold goods for OMR ___6000
8. Purchase goods for OMR 4000 and paid 50% cash.
9. Withdrawn 10 % of capital from the
business for personal use.
10. Deposited OMR 2,000 in the bank.
11. Sold car for OMR __8000
12. Withdrawn money from bank OMR 1,000
Q1)
1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step.
2. Give details of Revenue along with NOTE Number from the Notes disclosures portion.
3. Details of Operating expenses (Administrative and Selling and Marketing).
4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number.
5. Show a picture of Retained Earnings statement or Equity Statement as an reverence to your assigned work with highlighting last year retained earning balance.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College