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10. The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data
10. The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as below: a. The beginning inventory was OMR 138,000. b. Sales discount was OMR 25,500 c. 45,000 ordinary shares were outstanding. d. Interest expenses OMR30,000 e. Income tax rate 30% f. Cost of goods sold OMR750,000 g. Administrative expenses are 20% of cost of goods sold but only 10% of gross sales. h. Four fifth of the operating expenses related to sales activities. From the foregoing information, prepare an income statement.
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