Q10. The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as below: a. The beginning inventory was OMR 138,000. b. Sales discount was OMR 25,500 c. 45,000 ordinary shares were outstanding. d. Interest expenses OMR 10,000 e. Income tax rate 30% f. Cost of goods sold OMR 650,000 and gross sales OMR 1,500,000. g. Administrative expenses are 20% of cost of goods sold. h. Four fifth of the operating expenses related to sales activities. From the foregoing information, prepare an income statement.

Q10. The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as below: a. The beginning inventory was OMR 138,000. b. Sales discount was OMR 25,500 c. 45,000 ordinary shares were outstanding. d. Interest expenses OMR 10,000 e. Income tax rate 30% f. Cost of goods sold OMR 650,000 and gross sales OMR 1,500,000. g. Administrative expenses are 20% of cost of goods sold. h. Four fifth of the operating expenses related to sales activities. From the foregoing information, prepare an income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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