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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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