Question 7: In its income statement for the year ended December 31,2021, Blue Company reported the following condensed data. Operation expenses OMR 915,000 Interest Revenue OMR 29,000 Cost of goods Sold sale of equipment OMR 9,000 OMR 1,189,000 Loss on Interest expenses OMR 60,000 Net Sales OMR 2,313,000 Instructions: a. Prepare a multiple step income stateme. b. Prepare a single step income statement. (*

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Question 7: In its income statement for the year ended
December 31,2021, Blue Company reported the following
condensed data.
Operation expenses
OMR 915,000
Interest
Revenue
OMR 29,000
Cost of goods Sold
sale of equipment OMR 9,000
OMR 1,189,000
Loss on
Interest expenses
OMR 60,000
Net Sales
OMR 2,313,000
Instructions:
a. Prepare a multiple step income stateme
b. Prepare a single step income statement. (
Solution:
a. Multiple Step Income statement
b. Single Step Income statement
Transcribed Image Text:Question 7: In its income statement for the year ended December 31,2021, Blue Company reported the following condensed data. Operation expenses OMR 915,000 Interest Revenue OMR 29,000 Cost of goods Sold sale of equipment OMR 9,000 OMR 1,189,000 Loss on Interest expenses OMR 60,000 Net Sales OMR 2,313,000 Instructions: a. Prepare a multiple step income stateme b. Prepare a single step income statement. ( Solution: a. Multiple Step Income statement b. Single Step Income statement
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