48-Salary expense OMR 23,000;Insurance expenses OMR 12,000;Depreciation expense OMR 2,000;Casuality loss from accident OMR 4,000; Loss on sale of machinery OMR 3,000.Which expense/loss will be reported as other expenses in the statement of net income?a.Insurance expense OMR 12,000 and Loss on sale of machinery OMR 3000b.Casualty loss from accident OMR 4,000 and Loss on sale of machinery OMR 3000c.None of the option is correctd.Depreciation expense OMR 12,000 and Casualty loss from accident OMR 4,000Clear my choice

Option a is wrong because insurance expense and loss on sale of machinery are regarded as operating…

Answered: expense/loss will be reported as other

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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48-Salary expense OMR 23,000;Insurance expenses OMR 12,000;Depreciation expense OMR 2,000;Casuality loss from accident OMR 4,000; Loss on sale of machinery OMR 3,000.Which expense/loss will be reported as other expenses in the statement of net income?

Insurance expense OMR 12,000 and Loss on sale of machinery OMR 3000

Casualty loss from accident OMR 4,000 and Loss on sale of machinery OMR 3000

None of the option is correct

Depreciation expense OMR 12,000 and Casualty loss from accident OMR 4,000

Clear my choice

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