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QUESTION 1 (Time: 12-15 minutes) Rashid Cafe has current assets of OMR 20,800.. property and plant of OMR 41,300; and other assets totaling OMR 12,700.

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QUESTION 1 (Time: 12-15 minutes) Rashid Cafe has current assets of OMR 20,800.. property and plant of OMR 41,300; and other assets totaling OMR 12,700. Non current liabilities are OMR 1,700 and account payable are OMR 3,400. a Requirements: Use the above information to write Rashid Cafe' 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 Rashid Cafe owns and controls ? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) c How much does Rashid Cafe owe creditors? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) d How much of the business's assets do the Rashid Cafe' shareholders own? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark)

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