The following data from the adjusted Trial balance of Nizwa Market LLC

for the year ended 31st December 2019

Accounts

Debit (OMR)

Credit

(OMR)

Account

Sales Discounts

4200

Gross Sales

267,000

Gain on sale of land

3000

Bank Interest expense

12,000

Salesman Salaries

35,600

Office rent

11,400

Cost of Goods sold

160,000

Electricity expense Office

5300

Cash at Bank Muscat

23,000

Salesman commission

18,500

Total

270,000

270,000

BASED ON THE ABOVE QUESTIONS PLEASE

ANSWER THE FOLLOWING Q.NO 1 TO Q.NO 5

Question 1

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What will be the Total Revenue assuming that the business uses Simple Step Income statement?

a.

OMR 265,800

b.

OMR 258,000

c.

OMR 262,800

d.

OMR 270,000

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Question 2

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Bank interest expense of OMR 12,000 will be considered as (Assume that the business uses Multi Step Income statement)

a.

No effect

b.

Added with Gain on sale of land of OMR 3,000

c.

Other revenue

d.

Other expense

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Question 3

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What will be the Gross Profit assuming that the business uses Multi-Step Income Statement?

a.

OMR 102,800

b.

OMR 107,000

c.

OMR 111,000

d.

OMR 271,200

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Question 4

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What will be the Administration expense of the business assuming that the business uses Multi Step Income statement?

a.

OMR 28,700

b.

OMR 16,700

c.

OMR 70,800

d.

OMR 54,100

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Question 5

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What will be the Total Net sales by the business assuming that the business uses Multi step income statement?

a.

OMR 4200

b.

OMR 271,200

c.

OMR 262,800

d.

OMR 267,000

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