TASK A oman Food Industry Company's s presented below. tatement of financial position at December 31, 2017, is Oman Food Industry Company Statement of Financial Position December 31, 2017 Inventory Accounts receivable 9,400 Share capital-ordinary 19,780 Retained earnings 30,000 12,730 8,750 Allowance for doubtful accounts (800) Accounts payable Cash Total Assets 23,100 51,480 Total E 51,480 and Liabilities During January 2018,the following transactions occurred Jan. 1 Oman Food industry accepted a 6-month, 5% note from Nizwa Transport Company in payment of OR 1,500 Jan. 1 The unearned rent revenue of 6,600 was received for 6 months rent. Jan. 2 Oman Food Industry purchased equipment for OR 13,000 on account. The equipment is being depreciated using the straight-line method over 5 years, with a residual value of 1,000. Jan. 3 Oman Food Industry wrote off as uncollectible the accounts of Barker Corporation - OR 200 and Elmo Company-OR 100. Jan. 8 Oman Food Industry purchased OR 5,500 of inventory on account. Jan. 10 The patent was acquired for OR 500 cash and has a useful life of 10 years from that date. Jan. 11 Oman Food Industry sold for OR 3,000 on account inventory that cost OR 2,500. Jan. 15 Oman Food Industry sold inventory that cost OR 120 to Mr Mohammed for OR 180 cash Jan. 17 Oman Food Industry collected OR 12,000 from customers on account Jan. 21 Oman Food Industry paid OR 11,300 on accounts payable. Jan. 27 Oman Food Industry purchased supplies for OR 1,500 cash. Jan. 31 Oman Food Industry paid other operating expenses-OR 3,218 Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Bad debts are expected to be 5% of the January 31, 2018, accounts receivable. 3. Unpaid salaries and wages at December 31, 2018, total 2,200. TASK A oman Food Industry Company's s presented below. tatement of financial position at December 31, 2017, is Oman Food Industry Company Statement of Financial Position December 31, 2017 Inventory Accounts receivable 9,400 Share capital-ordinary 19,780 Retained earnings 30,000 12,730 8,750 Allowance for doubtful accounts (800) Accounts payable Cash Total Assets 23,100 51,480 Total E 51,480 and Liabilities During January 2018,the following transactions occurred Jan. 1 Oman Food industry accepted a 6-month, 5% note from Nizwa Transport Company in payment of OR 1,500 Jan. 1 The unearned rent revenue of 6,600 was received for 6 months rent. Jan. 2 Oman Food Industry purchased equipment for OR 13,000 on account. The equipment is being depreciated using the straight-line method over 5 years, with a residual value of 1,000. Jan. 3 Oman Food Industry wrote off as uncollectible the accounts of Barker Corporation - OR 200 and Elmo Company-OR 100. Jan. 8 Oman Food Industry purchased OR 5,500 of inventory on account. Jan. 10 The patent was acquired for OR 500 cash and has a useful life of 10 years from that date. Jan. 11 Oman Food Industry sold for OR 3,000 on account inventory that cost OR 2,500. Jan. 15 Oman Food Industry sold inventory that cost OR 120 to Mr Mohammed for OR 180 cash Jan. 17 Oman Food Industry collected OR 12,000 from customers on account Jan. 21 Oman Food Industry paid OR 11,300 on accounts payable. Jan. 27 Oman Food Industry purchased supplies for OR 1,500 cash. Jan. 31 Oman Food Industry paid other operating expenses-OR 3,218 Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Bad debts are expected to be 5% of the January 31, 2018, accounts receivable. 3. Unpaid salaries and wages at December 31, 2018, total 2,200
