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The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR 15,000 OMR Cash

 

The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR 15,000 OMR Cash Share Capital Intangible Assets: Patents and Trade Mark Account Receivable Notes Payable Retained Earnings 75,000 OMR 60,000 OMR 3,000 OMR 4,500 OMR Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? (Rubries: I mark for the correct account balances and answer- Total I mark) 2. Identify the accounts listed above that are Current liabilities. (Rubrics: 0.25 mark for the correct account identification- Total 0.5 mark) 3. What is the amount of XYZ's retained earmings as of December 31, 2020? (Hinti use the extended accounting equation) (Rubrics: 0.5 mark for the correct calculation and answer- Total 2 marks) 4. Prepare a balance sheet for XYZ as of December 31, 2020. (Rubrics: 0.25 mark for each correct element and correct form of balance sheet and heading, 0.5 mark for the carrect calculations of totals. Total 3.5 marks)

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