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
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...
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Question
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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