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The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Net sales assumes that the business follows Multi-step income statement? a. OMR 254,400 b. OMR 232,800 c. OMR 24,400 d. OMR 260,000

The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Net sales assumes that the business follows Multi-step income statement? a. OMR 254,400 b. OMR 232,800 c. OMR 24,400 d. OMR 260,000

FINANCIAL ACCOUNTING
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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The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 What will be the Net sales assumes that the business follows Multi-step income statement? a. OMR 254,400 b. OMR 232,800 c. OMR 24,400 d. OMR 260,000
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