the company name is NATIONAL BISCUIT INDUSTRIES LTD Step -2: Using the financial report answer the following questions: 1. Brief introduction about the company? ( 1 Mark) Company Name : Established: No. of Employees: No. of Omani Employees : No. of Non-Omani Employees: Principle activities : Branches: Head office Location: 2. List various items (only account heads, no need write figures) appear under the following categories: (1.5 Marks) 2. List various items (only account heads, no need write figures) appear under the following categories: (1.5 Marks) 2. List various items (only account heads, no need write figures) appear under the following categories: (1.5 Marks) Category a) List of Assets b) List of Liabilities c) Owners' Equity d) List of Revenues e) List of Expenses Account Names Page | 1 3. Develop a basic "accounting equation" (Assets Liability + Owner's Equity) for the year 2019 & 2020. (1 mark) 4. Calculate "Net Profit" of the company for the year 2019 & 2020 by using the "Simple Income Statement" format which you learned in the class? (1.5 Mark) 4. Calculate "Net Profit" of the company for the year 2019 & 2020 by using the "Simple Income Statement" format which you learned in the class? (1.5 Mark) 5. "Company's net income appears directly on the income statement and the owner's equity statements, and it is included indirectly in the company's balance sheet". Do you agree? Explain how the net income is shown in Balance Sheet. ( 1.5 Marks) 6. What is a total assets value of the company during 2019 and 2020? Provide calculation ( 1.5 Mark) 7. What is a total Liability value of the company during 2019 and 2020? Provide calculation (1.5 Mark) 8. What is a total Owner's Equity value of the company during 2019 and 2020? Provide calculation (1 Mark ) 9. What is the accounting period of the company? (0.5 Mark) 10. Which method (periodic or perpetual) the company has used to calculate the Cost of Inventory? Explain briefly. (if the company is service organization, then explain both methods briefly) (1 Mark) Notes 2020 2019 RO RO ASSETS Non-current assets: Property, plant and equipment Intangible assets Right-of-use assets 589 2,349,291 2,190,633 6 163,054 172,496 7 348,469 Total non-current assets 2,860,814 2,363,129 Current assets: Inventories 8 1,625,877 1,263,028 Trade and other receivables 9 2,881,083 2,922,186 Wakala deposits 10 3,784,238 2,512,993 Cash and bank balances 12 1,032,065 383,395 Total current assets 9,323,263 7,081,602 Total assets 12,184,077 9,444,731 EQUITY AND LIABILITIES Shareholders' equity: Share capital 13 1,000,000 1,000,000 Legal reserve 14 333,333 333,333 Retained earnings 5,523,147 4,797,728 Total Shareholders' equity 6,856,480 6,131,061 Non-current liabilities: Staff terminal benefits 15 450,369 412,136 Non-current portion of lease liabilities 16 350,800 Deferred tax liability 25 (c) 58,659 68,674 Total non-current liabilities 859,828 480,810 Current liabilities: Trade and other payables 17 4,271,140 2,674,911 Current portion of lease liabilities 16 15,774 Provision for tax 25 (a) 180,855 157,949 Total current liabilities 4,467,769 2,832,860 Total liabilities 5,327,597 3,313,670 Total equity and liabilities 12,184,077 9,444,731 Notes 2020 2019 RO RO ASSETS Non-current assets: Property, plant and equipment Intangible assets Right-of-use assets 589 2,349,291 2,190,633 6 163,054 172,496 7 348,469 Total non-current assets 2,860,814 2,363,129 Current assets: Inventories 8 1,625,877 1,263,028 Trade and other receivables 9 2,881,083 2,922,186 Wakala deposits 10 3,784,238 2,512,993 Cash and bank balances 12 1,032,065 383,395 Total current assets 9,323,263 7,081,602 Total assets 12,184,077 9,444,731 EQUITY AND LIABILITIES Shareholders' equity: Share capital 13 1,000,000 1,000,000 Legal reserve 14 333,333 333,333 Retained earnings 5,523,147 4,797,728 Total Shareholders' equity 6,856,480 6,131,061 Non-current liabilities: Staff terminal benefits 15 450,369 412,136 Non-current portion of lease liabilities 16 350,800 Deferred tax liability 25 (c) 58,659 68,674 Total non-current liabilities 859,828 480,810 Current liabilities: Trade and other payables 17 4,271,140 2,674,911 Current portion of lease liabilities 16 15,774 Provision for tax 25 (a) 180,855 157,949 Total current liabilities 4,467,769 2,832,860 Total liabilities 5,327,597 3,313,670 Total equity and liabilities 12,184,077 9,444,731 Notes Sales Cost of sales 18 Year ended 30 June 2020 RO 12,694,553 19 (10,391,055) Gross profit 2,303,498 Other income 20 133,766 Year ended 30 June 2019 RO 12,551,496 (10,169,171) 2,382,325 86,598 Selling and distribution expenses 21 (633,813) (888,686) General and administration expenses 22 (731,638) (651,817) Profit from operations 1,071,813 928,420 Finance costs 24 (39,708) (20,244) Profit before tax 1,032,105 908,176 Income tax expense 25 (a) (156,686) (137,879) Profit for the year 875,419 770,297 Other comprehensive income for the year Total comprehensive income for the year 875,419 770,297 Earnings per share (RO/share) 27 0.875 0.770 NATIONAL BISCUIT INDUSTRIES LTD SAOG UNAUDITED STATEMENT OF INCOME FOR THE FIRST QUARTER ENDING 30TH SEPTEMBER 2019 Three Months Three Months Note 30-Sept-19 30-Sept-18 RO RO INCOME Sales 19 3,185,747 2,845,385 Cost of sales 14 (2,646,153) (2,445,562) Gross profit 539,593 399,823 Other income 20 20 25,893 22,780 565,486 422,604 EXPENSES Selling and distribution 15 (258,647) (164,605) General and administration 16 (144,388) (143,219) Directors' meeting attendance fees (3,400) (2,800) Finance costs 17 (3,712) (5,728) (410,147) (316,352) Profit before taxation 155,339 106,252 Income Tax 10 (23,375) (15,775) Profit (Loss) for the Period 131,964 90,477 Attributable to: Equity holders of the Company Earnings per share 131,964 90,477 131,964 90,477 0.132 0.090