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Muscat Company has the following cost and expense data for the year ending December 31, 2019. Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000
Muscat Company has the following cost and expense data for the year ending December
31, 2019.
Items
Cost
Items
Cost
Raw materials, 1/1/2019
OMR 30,000
Insurance, factory
OMR 14,000
Raw materials, 12/31/2019
20,000
Property taxes, factory building
6,000
Raw materials purchase during 2019
205,000
Sales revenue
1,500,000
Indirect materials
15,000
Delivery expenses
100,000
Work in process, 1/1/2019
80,000
Sales commissions
150,000
Work in process, 12/31/2019
50,000
Indirect labor
90,000
Finished goods, 1/1/2019
110,000
Factory machinery rent
40,000
Finished goods, 12/31/2019
120,000
Factory utilities
65,000
Direct labor
350,000
Depreciation, factory building
24,000
Factory managers salary
35,000
Administrative expenses
300,000
Assume that Superior Companys accounting records show the balances of the following current asset accounts: Cash OMR 17,000, Accounts Receivable (net) OMR 120,000, Prepaid Expenses OMR 39,000.
the total current assets section of the balance sheet for Muscat Company as of December 31, 2019, will be.
Select one:
a. 176,000
b.
None of the answers are correct
c. 190,000
d. 366,000
e. 633,000
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
ISBN: 978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
