Assignment Exercise 1: Preparing Income and Expense Statement: Sara and Rahim are about to construct their income and expense statement for the year ending August 31, 2020. They have put together the following income and expense information for 2020:

RAHIMs salary OMR. 5200

Saras Salary OMR. 4000

Rent received OMR. 2000

Interest on:

Fixed account 300

Bonds of Sama Corporation 500

Groceries 600

Rent paid 500

Utilities 80

Gas and auto expenses 20

KIDS tuition, books, and supplies 500

Books, magazines, and periodicals 40

Clothing and other miscellaneous expenses 1600

Rahims travel expenses 400

Purchase of a used car (cost) 6560

Outstanding loan balance on car 2780

Purchase of bonds in Sama Corporation 678

Using the information provided, prepare an income and expense statement for Sara and Rahim for the year ending August 31, 2020