15-Selling & administrative expenses

20,200

Loss on sale of plant assets

11,700

Gross profit

90,500

Interest expense

8,000

Income tax

10,000

Rent revenue

10,200

If this information was used to prepare an income statement, Income from Operations should be:

Select one:

a. 58,600

b. 110,700

c. 78,800

d. 70,300

e. 68,800

16-Muscat Company purchased OMR 8,000 of supplies on January 1. On January 30, an inventory of the supplies indicated only OMR 2,000 on hand.

The adjusting entry that should be made by the company on January 31 is:

Select one:

a. Debit Supplies Expense, OMR 6,000; Credit Supplies, OMR 6,000

b. Debit Supplies, OMR 2,000; Credit Supplies Expense, OMR 2,000

c. Debit Supplies, OMR 6,000; Credit Supplies Expense, OMR 6,000

d. Debit Supplies Expense, OMR 2,000; Credit Supplies, OMR 2,000

e. None of the answers are correct

17-Selling expenses

15,600

Administrative expenses

14,400

Gross profit

120,000

Interest expense

8,000

Other income and expense (Rent revenue)

6,000

Income tax

10,000

If this information was used to prepare an income statement, Income from Operations should be:

Select one:

a. 78.000

b. 150,000

c. 76,000

d. 84,000

e. 156,000

18-The records of Rami co. show the following data in June 30, 2020

Date

Explanation

Unit

Unit Cost

Total Cost

1/6

Beginning inventory

60

OMR 5

10/6

Purchase

50

7

15/6

Purchase

50

8

25/6

Purchase

70

9

During the month inventory on hand at June 30 was 110 units

Using the Average Method of Inventory, the Cost of Goods Sold equal:

Select one:

a. 977

b. 877

c. 1077

d. 1277

e. 1177