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Choose the correct answer only without explanation Muscat Company purchased office supplies costing OMR20,000. At the end of the accounting period, a physical count of
Choose the correct answer only without explanation
Muscat Company purchased office supplies costing OMR20,000. At the end of the accounting period, a physical count of office supplies revealed OMR5,000 still on hand. The Adjusting Entry should be Select one: a. None of the answers are correct b. Debit Office Supplies Expense, OMR5,000; Credit Office Supplies, OMR5,000 c. Debit Office Supplies Expense, OMR15,000; Credit Office Supplies, OMR15,000 d. Debit Office Supplies, OMR15,000; Credit Office Supplies Expense, OMR15,000 e. Debit Office Supplies, OMR15,000; Credit Office Supplies Expense, OMR15,000 Presented below is financial information related to Ibra Company Income from operations 90,000 Income taxes 30% 7,000 Loss on disposal of the component in the company Interest expense 10,000 If this information was used to prepare an income statement, Net Income should be: Select one: O a. 73,000 O b. 83,000 O c. 80,000 O d. 49,000 O e. 90,000 Presented below is financial information related to Muscat Company Net income 105,000 Comprehensive income 140,000 Income from operations 260,000 Interest expense 20,000 If this information was used to prepare an income statement, income tax should be: Select one: O a. 120,000 O b. 240,000 O c. 155,000 O d. 115,000 O e. 135,000
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