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Outcome 2: Prepare adjusting journal entries for merchandising company transactions, Prepare a detailed balance sheet and income statement, Prepare adjusting and closing entries, and Understand the various internal control issues and procedures for inventory Graduate attributes covered: Scholastic rigor & practical competence: creative thinking, problem solving, analytical thinking, time management, dexterousness and knowledgeability The following data from the adjusted trial balance of Al Muna Market LLC Al Muna Market LLC - Trial balance for the year ended 31st December 2018 Account Debit Credit Sales discounts 6,000 Sales returns 2,000 Sales 790,000 Gain on sale of land 15,800 Interest expense 12,000 Salesman salary 2,200 Bad debts expense 1500 Cost of Goods sold 680,000 Office expense 22,500 Depreciation: office equipment 5000 Utilities expense 6500 Advertising expense 15000 Insurance expense 5,500 II Additional Information: 1.Retained earnings as on 1st January 2018 is RO 30,000 2. Dividends paid during the year RO 7,000 Required: 2 1. Find out Net Income by using Multi-step and simple step income statement 2. Find out Gross Profit Margin Ratio? 3. Prepare Closing adjusting entries. 4. Statement of Retained earnings account for the year ended 31st December 2018 Question No.2 Suhail Bahwan Automobiles LLC, reported the following figures in its financial statements: Details OMR Details OMR Cost of goods sold 385,000 Retained Earnings (Beginning) 39,000 Accounts payable 17,000 Cash 43,000 Rent expense 21,000 Sales revenue 696,000 Building 108,000 Depreciation expense 12,000 Capital 208,000 Dividend 61,000 Inventory 261,000 Sales discounts 9,000 Interest Revenue 10,000 Interest expenses 5,000 Journalize the required closing entries for Suhail Bahwan Automobiles LLC for December 31, 2017 Show Statement of retained Earnings