Lulu Bakeries has short-term assets of OMR 2,800 , building and equipment of OMR 4,300; and other assets totaling OMR 1,700. Short-term are OMR 1,700 and account payable are OMR 3,000.

Requirements:

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a)Use the above information to write Lulu Bakeries accounting equation.

(Rubrics: 0.5 mark for the correct answer, 0.5 mark for the workings and calculations Total 1 mark)

b)How much in economic resources does Lulu Bakeries owns and controls ?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)

c)How much does Lulu Bakeries owe creditors?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)

d)How much of the businesss assets do the Lulu Bakeries shareholders own?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)