Q2 The Information below relates to sales transactions for SALALAH Enterprises. Determine the net sales and cost of goods sold and gross profit. Sales Discount RO 1250 Gross Sales 290000 Sales Returns and Allowances 975 Freight In 2300 Purchase Discount 175 Purchases 50000 Purchase Returns and Allowances 800 Opening Inventory 1500 Closing Inventory 2200 Q3 Exercise 1:Prepare Income Statement of Al Khalid Enterprises for the year ended 31.12.2016 from the given information : Details Debit Credit Opening stock 20000 Sales 475000 Purchases 90000 Freight in 2550 Sales discount 870 Purchase returns 5000 Sales returns 20001 Stationery Expense 200 Salaries Expense 14000 Rent Expense 70001 Depreciation 3500 Purchase discount 150 Insurance Expense 1500 Telephone charges 2000 Other income 5000 Rent received 3000 Tax RO. 2800 Closing Stock RO 20000