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INCOME STATEMENT, SINGLE STEP INCOME TATEMENT AND BALANCE SHEET (EXTRACTS) Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in USA. The company furnishes the following accounts data for the year ended, December 31, 2021. Details Debit (OMR) Credit (OMR) Machinery Premises Sales Sales discounts Sales returns and allowances Cost of goods sold 250,000 800,000 950,000 50,000 10,000 315,000 Interest revenue 2,500 Advertising expenses Sales salary expenses Purchase returns Depreciation expenses: Office equipment Office supplies expenses 60,000 31,000 10,000 27,000 15,000 Insurance expenses Bank 10,000 100,000 Interest expenses 3,300 Freight outwards Rent (50% for administrative expenses) Utilities (70% for selling expenses) Gain on sale of property 9,000 14,000 4,400 28,800 Loss on lawsuit 2,100 Depreciation expenses: Delivery Truck Loss on sale of property Electricity Expenses: (80% for selling expenses) 2,900 2,100 10,600 You are required to: (a) Draw up a Multiple Step Income Statement for the year ended 31 December 2021 (b) Draw up a Single Step Income Statement for the year ended 31 December 2021 (c) Draw up a Statement of Fiancial Position(extracts) for the year ended 31 December 2021

INCOME STATEMENT, SINGLE STEP INCOME TATEMENT AND BALANCE SHEET (EXTRACTS) Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in USA. The company furnishes the following accounts data for the year ended, December 31, 2021. Details Debit (OMR) Credit (OMR) Machinery Premises Sales Sales discounts Sales returns and allowances Cost of goods sold 250,000 800,000 950,000 50,000 10,000 315,000 Interest revenue 2,500 Advertising expenses Sales salary expenses Purchase returns Depreciation expenses: Office equipment Office supplies expenses 60,000 31,000 10,000 27,000 15,000 Insurance expenses Bank 10,000 100,000 Interest expenses 3,300 Freight outwards Rent (50% for administrative expenses) Utilities (70% for selling expenses) Gain on sale of property 9,000 14,000 4,400 28,800 Loss on lawsuit 2,100 Depreciation expenses: Delivery Truck Loss on sale of property Electricity Expenses: (80% for selling expenses) 2,900 2,100 10,600 You are required to: (a) Draw up a Multiple Step Income Statement for the year ended 31 December 2021 (b) Draw up a Single Step Income Statement for the year ended 31 December 2021 (c) Draw up a Statement of Fiancial Position(extracts) for the year ended 31 December 2021

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter5: Income Statement: Reporting The Results Of Operating Activities
Section: Chapter Questions
Problem 21E
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CASE NO#1-MULTIPLE STEP INCOME STATEMENT, SINGLE STEP INCOME STATEMENT AND BALANCE SHEET (EXTRACTS) Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in USA. The company furnishes the following accounts data for the year ended, December 31, 2021. Details Debit (OMR) 250,000 800,000 Credit (OMR) Machinery Premises Sales 950,000 Sales discounts 50,000 Sales returns and allowances 10,000 Cost of goods sold 315,000 Interest revenue 2,500 Advertising expenses Sales salary expenses Purchase returns Depreciation expenses: Office equipment Office supplies expenses 60,000 31,000 10,000 27,000 15,000 Insurance expenses 10,000 Bank 100,000 Interest expenses Freight outwards 3,300 9,000 Rent (50% for administrative expenses) Utilities (70% for selling expenses) Gain on sale of property 14,000 4,400 28,800 Loss on lawsuit 2,100 Depreciation expenses: Delivery Truck Loss on sale of property Electricity Expenses: (80% for selling expenses) 2,900 2,100 10,600 You are required to: (a) Draw up a Multiple Step Income Statement for the year ended 31 December 2021 (b) Draw up a Single Step Income Statement for the year ended 31 December 2021 (c) Draw up a Statement of Fiancial Position(extracts) for the year ended 31 December 2021 (d) Write a Report on the Financial Performance of the business based on the financial statements prepared.
Transcribed Image Text:CASE NO#1-MULTIPLE STEP INCOME STATEMENT, SINGLE STEP INCOME STATEMENT AND BALANCE SHEET (EXTRACTS) Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in USA. The company furnishes the following accounts data for the year ended, December 31, 2021. Details Debit (OMR) 250,000 800,000 Credit (OMR) Machinery Premises Sales 950,000 Sales discounts 50,000 Sales returns and allowances 10,000 Cost of goods sold 315,000 Interest revenue 2,500 Advertising expenses Sales salary expenses Purchase returns Depreciation expenses: Office equipment Office supplies expenses 60,000 31,000 10,000 27,000 15,000 Insurance expenses 10,000 Bank 100,000 Interest expenses Freight outwards 3,300 9,000 Rent (50% for administrative expenses) Utilities (70% for selling expenses) Gain on sale of property 14,000 4,400 28,800 Loss on lawsuit 2,100 Depreciation expenses: Delivery Truck Loss on sale of property Electricity Expenses: (80% for selling expenses) 2,900 2,100 10,600 You are required to: (a) Draw up a Multiple Step Income Statement for the year ended 31 December 2021 (b) Draw up a Single Step Income Statement for the year ended 31 December 2021 (c) Draw up a Statement of Fiancial Position(extracts) for the year ended 31 December 2021 (d) Write a Report on the Financial Performance of the business based on the financial statements prepared.
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