The eighth-largest retailer in the world by revenue, it operates a chain of hypermarkets, groceries and convenience stores, which as of January 2021, comprises its 12,225 stores in over 30 countries. The Corporation provides an adjusted Trial Balance as of December 31, 2020 which is given below: Details Debit Debit OMR OMR Building 29,00 Plant and machinery 33,000 Bank 5,000 Cash 34,400 Store equipment 75,900 Accumulated depreciation—store equipment 19,000 Office equipment 60,000 Accumulated depreciation—office equipment 18,000 Accounts payable 40,000 Sales refund payable 2,000 Notes payable 2,200 Common stock 35,000 Retained earnings 109,700 Dividends 48,000 Sales 350,000 Sales discounts 8,000 Sales returns and allowances 15,500 Selling expenses 33,500 General and administrative expenses 19,800 Interest expense 800 Merchandise Inventory - opening 20,000 Purchases 230,000 Purchase discounts 26,000 Purchase returns and allowances 14,000 Freight Inwards 3,000 Total 615,900 615,900 Closing Merchandising Inventory of the company is OMR 31,000. You are required to: A) Prepare a Multiple-Step Income Statement for the year ended 31 December 2020. B) Show the extracts of Statement of Financial Position for the year ended 31 December 2020 C) Draft a report on the financial performance of the business based on Multiple step Income Statemen
The eighth-largest retailer in the world by revenue, it operates a chain
of hypermarkets, groceries and convenience stores, which as of January 2021, comprises its 12,225 stores in over 30 countries. The Corporation provides an
adjusted
Details Debit Debit
OMR OMR
Building 29,00
Plant and machinery 33,000
Bank 5,000
Cash 34,400
Store equipment 75,900
Office equipment 60,000
Accumulated depreciation—office equipment 18,000
Accounts payable 40,000
Sales refund payable 2,000
Notes payable 2,200
Common stock 35,000
Dividends 48,000
Sales 350,000
Sales discounts 8,000
Sales returns and allowances 15,500
Selling expenses 33,500
General and administrative expenses 19,800
Interest expense 800
Merchandise Inventory - opening 20,000
Purchases 230,000
Purchase discounts 26,000
Purchase returns and allowances 14,000
Freight Inwards 3,000
Total 615,900 615,900
Closing Merchandising Inventory of the company is OMR 31,000. You are required to:
A) Prepare a Multiple-Step Income Statement for the year ended 31 December 2020.
B) Show the extracts of Statement of Financial Position for the year ended 31 December 2020
C) Draft a report on the financial performance of the business based on Multiple step Income Statemen
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