Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please no need for explanation only the correct answer 16. Which one of the following transactions will not affect the Total Assets? a) Purchise of
Please no need for explanation only the correct answer
16. Which one of the following transactions will not affect the Total Assets? a) Purchise of equipment for cash OMR 1,000 b) Purchese of supplies on account OMR 200 c) Paformed servios for cash OMR 500 d) Paromed services on account OMR 500 17. A debit eatry to an account ; a) locrases aseets b) Lereaser liabilities c) lncrases equity d) lncrates revenue 18. Which one of the following transactions will not affect the equity to increase or decrease? a) Purchased cquipment on account OMR 5,000 b) Paid rent for the month OMR 200 c) Provided services to customers on account OMR 1,000 b) Owner withdraws OMR 2,000 from the business for personal use 19. At the beginning of the year ABC Ltd had cash OMR 150,000 and the liabilities were OMR 20,000. During the year liabilities decreased by OMR 5,000 and assets increased by OMR 50,000 . What is the Owners' equity at the end of the year? a) OMR185,000 b) OMRI30,000 c) OMR170,000 d) OMR215,000 20. A company has cash of OMR 5,000; equipment of OMR8,000; accounts receivable of OMLR 10,000; accounts payable of OMR3,000; common stock of OMR 12,000; retained earnings of OMR \&,000; revenues of OMR 15,000 ; and expenses of OMR7,000. How much is the total assets of the company? a) OMR13,000 b) OMR 23,000 c) OMR26,000 d) OMR 27,500Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started