8) Omani Company began operations in May, 2019. During May. The Company issued ordinary shares for RO200,000; earned revenue of 22,000 of which RO 2,000 were on account, incurred expenses of RO 12,000 ofwhich RO 3,000 were on account, and paid dividends of RO 1,000. The balance of cash at month end will be:A) RO 209,000B) RO 210,000C) RO 199,000D) RO 221,000

Revenue earned in cash = RO 22,000 - RO 2,000 = RO 20,000 Expenses incurred in cash = RO 12,000 - RO…

Answered: 8) Omani Company began operations in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…
Q1. Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each item below, indicate the dollar amount to be reported as either current liability or non-current liability. a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest is payable on September 30 each year and mature in 4 equal instalments every September 30. b. At December 31, 2018, customers' advances were OMR 18,000,000. During 2019, Al Jabel collected OMR 45,000,000 of customers' advances, and advances of OMR 37,500,000 were earned. c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000 shares held in treasury.
South Company borrows $88,500 on September1, 2019, from State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2019? Select one: a. $4,425. b. $10,620 C. $3,540. d. $2,655.
Martinez Co. borrowed $60,000 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debit to Interest Payable for $800 Ob. debit to Interest Expense for $800 Oc. credit to Cash for $60,000 C. Od. credit to Cash for $64,800 B
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Transactions during 2020 follow: Borrowed $20,000 cash on July 1, 2020, signing a one-year, 10 percent note payable. Purchased equipment for $18,000 cash on July 1, 2020. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year. Earned $70,000 in revenues for 2020, including $14,000 on credit and the rest in cash. Incurred $27,000 in wages expense and $8,000 in miscellaneous expenses for 2020, with $7,000 on credit and the rest paid with cash. Note: Wages are paid in cash. Purchased additional small tools, $3,000 cash. Collected accounts receivable, $8,000. Paid accounts payable, $11,000. Purchased $10,000 of supplies on account. Received a $3,000 deposit on work to start January 15, 2021. Declared a cash dividend on December 1, $10,000; paid on December 31. Data for adjusting entries: Supplies of $4,000 and small tools of $8,000 were counted on December 31, 2020 (debit Miscellaneous Expenses). Depreciation for 2020,…
4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 2 Req 2 and 3 3 1 Record the issuance of the note on December 1. Req 4 Record the interest accrued on the note as of December 31, current year. Note : Record payment of the note at maturity, assuming no reversing entries were made on January 1. = = journal entry has been entered Record entry Clear entry X Credit View general journal >
E4-29 Mattson Loan Company completed these transactions: 2019 Apr. Dec. 2020 Apr. 1 Loaned $20,000 to Charlene Baker on a one-year, 5% note. 31 Accrued interest revenue on the Baker note. 1 Collected the maturity value of the note from Baker (principal plus interest). Show what Mattson would report for these transactions on its 2019 and 2020 balance sheets and income statements. Mattson's accounting year ends on December 31.
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On January 1, 2021, Nantucket Ferry borrowed $14,600,000 cash from BankOne and issued a four-year, $14,600,000, 8% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2021.
Within the general functions of packaging, specific functions are performed. One of those specific functions is "apportionment," which can be defined as: Multiple Choice О Allowing products to be used with little wasted effort by customers. о To protect the contents of the package from damage or loss. Translating the large output of manufacturing into smaller quantities of greater use to customers. О The use of unambiguous, readily understood wording, symbols or pictures. О None of the options are definitions of apportionment.
The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000

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