Question
please i want the answers soon and no details needed, only the final answers. You are appointed as an accountant in a small Omani firm
please i want the answers soon and no details needed, only the final answers.
You are appointed as an accountant in a small Omani firm which deals with providing delivery services to its customers. The major steps in the accounting process are been completed and you are provided with an adjusted trial balance as given below:
List of accounts | Balances (OMR) |
Cash a/c | 3,900 |
Accounts payable a/c | 1,800 |
Tax payable a/c | 500 |
Prepaid insurance a/c | 800 |
Office furniture a/c | 1,700 |
Bank loan a/c | 4,000 |
Capital a/c | 5,000 |
Utilities expenses a/c | 200 |
Salaries expenses a/c | 1,000 |
Rent expenses a/c | 300 |
Insurance expenses a/c | 900 |
Accounts receivable a/c | 2,000 |
Motor van a/c | 6,000 |
Supplies a/c | 1,200 |
Service Revenues a/c | 8,500 |
Drawings a/c | 500 |
Supplies expense a/c | 600 |
Advertising expense a/c | 200 |
Interest expense a/c | 500 |
Based on the final accounts balances of the firm adjusted trial balance, answer the following questions:
1- Net Profit/Loss equals to:
a.OMR 9,300
b.OMR 4,800
c.OMR 15,600
d.OMR 6,300
2- Ending owners equity equals to:
a.OMR 6,300
b.OMR 9,300
c.OMR 4,800
d.OMR 15,600
3- Total liabilities equals to:
a.OMR 6,300
b.OMR 9,300
c.OMR 4,800
d.OMR 15,600
4-Total Assets equals to:
a.OMR 4,800
b.OMR 9,300
c.OMR 6,300
d.OMR 15,600
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