After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 280,106 and a credit of RO 230,547. At the same date, Share Capital has a credit balance of RO 500,000, and Dividends has a balance of RO 0. The total equity at the end of the period is: O a. RO 450,441 O b. RO 460,260 O. None of the options are correct O d. RO 456,200 O e. RO 450,144

After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 280,106 and a credit of RO 230,547. At the same date, Share Capital has a credit balance of RO 500,000, and Dividends has a balance of RO 0. The total equity at the end of the period is: O a. RO 450,441 O b. RO 460,260 O. None of the options are correct O d. RO 456,200 O e. RO 450,144

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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