Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6) Please solve all the questions, and please write the question number before answering, I just want the answer code please help.I will not forget

6) Please solve all the questions, and please write the question number before answering, I just want the answer code please help.I will not forget your favor principal of Accounting 2 image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 26 Not yet answered Marked out of 1 P Flag question Mr. Ali Operates Clothes business in the Dhofar Region. He made a Net Sales of RO165,000 and spent on Cost of Goods sold RO 75,000 and on Operating expenses RO 25,000. He had other revenues of RO 12000 during the year ended 31st December 2019. Compute Mr. Ali's Net Income for the year ended 31st December 2019. O a. RO53,000 O b. RO127,000 O c. RO277,000 O d. RO77,000 Question 27 Not yet answered Marked out of 1 Flag question Compute Cost of goods sold from the following data: beginning Inventory OMR 15,000 and Net purchases during the year was OMR 75,000 and ending inventory was OMR 25000. O a. OMR 75,000 O b b. OMR 65,000 O c. OMR 90,000 O d. OMR 40,000 Question 28 Not yet answered Marked out of 1 P Flag question Mr.Hatim, who finished Mechanical engineering graduation, runs a Super Market in the Salalah. He does not know which inventory system must be practiced to know the inventory details and cost of goods sold at any point of time. Which inventory system will help him to know the inventory details and cost of goods sold instantly? a. Both O b. Perpetual Inventory system O c. Periodic Inventory system O d. Neither. Question 29 Not yet answered Marked out of 1 P Flag question Mr. Ahmed, Mr, Khalid and Mr. Mohammed are friends doing business in Salalah. Mr. Ahmed operates Nissan Auto car dealership but Mr. Khalid runs a Car service centre in Salalah. On the other hand, Mr. Mohammed has an industry producing milk products. What type of business does Ahmed do? a. Production business O b. Service Business O c. Merchandising business. O d. None of these. Question 30 Not yet answered Marked out of 1 P Flag question Mr. Abdullah runs a merchandise inventory business in Salalah since 2000. He practices perpetual inventory system. He had an ending inventory OMR 50,000 and the cost of goods sold at the end of the year 2019. On the same date he found of ending inventory of physical count of OMR 45,000. Which account is debited while passing adjusting journal entry for the difference of ending inventory? a. Sales b. Merchandise inventory O c. Purchases d. Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Management Of The Company

Authors: Trésor Ilunga KAMPELA, Bernard KAYIMBW MANETA

1st Edition

6205405253, 978-6205405253

More Books

Students also viewed these Accounting questions

Question

What challenges did IKEA face in expanding its operations in China?

Answered: 1 week ago