INSTRUCTION: Read the questions carefully and use the Information provided In each question to answer that question. Show all your calculation and workings. 1. The financial statements of Salim Inc. for the year ended December 31, 2019, follow. Assets Cash Marketable securities Accounts receivable Salim inc Sales revenue Less: Cost of goods sold Income Statement for the Year Ended December 31, 2019 OMR 160,000 106,000 Gross profits OMR 54,000 Less: Operating expenses Selling expense OMR 16,000 General and administrative expenses 10,000 Lease expense 1,000 Depreciation expense 10,000 Total operating expense OMR 37.000 Operating profits OMR 17,000 Loss: Interest expense Income before taxes Less: Taxes Net Income after taxes 6,100 OMR 10,900 4,360 OMR 6,540 OMR 500 1,000 Inventories total current acces Buildings and MqQHANE Less Accumulated depreciation Not fixed assets Total Etsets 25,000 45.500 OME 72 OMR26,000 90,000 38.000 OMR 28,000 OM 150.000 Salim Inc Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity Accounts payable OMR 22,000 Notes payable 47.000 Total current liabilities OMR 69,000 Long-term debt OMR 22.950 Common stock OMR 31,500 Relaed earnings OMR 26550 Total liabilities and stockholders equity OMB 150.000 The firm's 3,000 outstanding shares of common stock closed 2019 at a price of SR 25 per share. **Total assets and total equity are averaged W