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Presented below is the trial balance of Muscat Corporation at December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities
Presented below is the trial balance of Muscat Corporation at December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 299,000 277,000 Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses 90,000 455,000 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 352,000 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work in process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 900,000 600,000 Notes Payable (long-term) Equipment Bonds Payable (Due 2025) Accumulated Depreciation-Equipment 1,000,000 60,000 Franchises 160,000 Share Capital 1,000,000 Treasury shares 191,000 Patents 195,000 Retained Earnings 210,000 Provision for pensions 80,000 If this information was used to prepare a statement of financial position, Total Current Assets should be: Select one: a. 2,419,000 b. None of the answers are correct c. 3,776,000 d. 1,357,000 e. 1,504,454
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