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 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
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 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
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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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 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
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