Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000. During the year, the business recorded OMR 430,000 in revenues, OMR 265,000 in expenses, and dividends of OMR 60,000. The net income reported by Al Rahami Shop for the year was: a)OMR 150,000. b)OMR 120,000. c)OMR 165,000. d)OMR 195,000.

Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000. During the year, the business recorded OMR 430,000 in revenues, OMR 265,000 in expenses, and dividends of OMR 60,000. The net income reported by Al Rahami Shop for the year was: a)OMR 150,000. b)OMR 120,000. c)OMR 165,000. d)OMR 195,000.

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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