Please it in text form.

CLO # CLO Description Type of Examinatio No. of Weighted Items mark(s) Points Score ns Identify the generally accepted accounting principles, accounting assumptions and the basic accounting equation as related to business enterprises. 1 Prepare the financial statements and understand their relationships for service organizations. in 2 Problem solving 1 Identify accounts, debits and credits, accounting books and the need for the adjusting process. 3 1 5 Problem Illustrate accounting for merchandising operations, inventory control systems and prepare financial reports solving for merchandising organizations. recognize and value accounts receivables. 4 Explain the nature and purpose of subsidiary ledgers and the internal control. 5 6. Identify the different types of receivables and how companies recognize and value accounts receivables. The maximum mark is 10. TOTAL 10 Multi step format: Income Statement Company Name For the Time Period Ending Date Net sales - Cost of goods sold Gross profit - Operating expenses Operating profit - Interest expense Profit before taxes - Taxes Net income Net sales - Gross sales - (Returns and Allowances) Cost of goods sold = Beginning inventory + Materials purchases - Ending inventory In 2020, a hardware retail company-Home hardware sold 1,500 units of its product at an average price of 400 per unit. The company reported estimated Returns and allowances in 2020 of 200,000. Home hardware purchased 11,000 units of its product from its manufacturer at an average cost of 300 per unit. Home hardware began with 900 units of its product in inventory (carried at an average cost of 300 per unit). Operating expenses for Home hardware, Inc. in 2020 were 400,000. Home hardware had 2,000,000 loan from local bank. This loan carried an average interest rate of 10 percent. Finally, Home hardware's tax rate was 40 percent. Home hardware's fiscal year runs from January 1 through December 31 1. Given this information, construct Home hardware's 2020 multi-step income statement. 2. What was Home hardware's 2020 ending inventory balance? CLO # CLO Description Type of Examinatio No. of Weighted Items mark(s) Points Score ns Identify the generally accepted accounting principles, accounting assumptions and the basic accounting equation as related to business enterprises. 1 Prepare the financial statements and understand their relationships for service organizations. in 2 Problem solving 1 Identify accounts, debits and credits, accounting books and the need for the adjusting process. 3 1 5 Problem Illustrate accounting for merchandising operations, inventory control systems and prepare financial reports solving for merchandising organizations. recognize and value accounts receivables. 4 Explain the nature and purpose of subsidiary ledgers and the internal control. 5 6. Identify the different types of receivables and how companies recognize and value accounts receivables. The maximum mark is 10. TOTAL 10 Multi step format: Income Statement Company Name For the Time Period Ending Date Net sales - Cost of goods sold Gross profit - Operating expenses Operating profit - Interest expense Profit before taxes - Taxes Net income Net sales - Gross sales - (Returns and Allowances) Cost of goods sold = Beginning inventory + Materials purchases - Ending inventory In 2020, a hardware retail company-Home hardware sold 1,500 units of its product at an average price of 400 per unit. The company reported estimated Returns and allowances in 2020 of 200,000. Home hardware purchased 11,000 units of its product from its manufacturer at an average cost of 300 per unit. Home hardware began with 900 units of its product in inventory (carried at an average cost of 300 per unit). Operating expenses for Home hardware, Inc. in 2020 were 400,000. Home hardware had 2,000,000 loan from local bank. This loan carried an average interest rate of 10 percent. Finally, Home hardware's tax rate was 40 percent. Home hardware's fiscal year runs from January 1 through December 31 1. Given this information, construct Home hardware's 2020 multi-step income statement. 2. What was Home hardware's 2020 ending inventory balance