From the following information calculate Net Profit Sales OMR 40520 Cost of the goods sold OMR 21400 Salaries Expense OMR 8000 Electricity Expense OMR 1900 Depreciation Expense OMR 2200 Bank OMR 9100 Computer OMR 6700 Dividend income OMR 970

From the following information calculate Net Profit Sales OMR 40520 Cost of the goods sold OMR 21400 Salaries Expense OMR 8000 Electricity Expense OMR 1900 Depreciation Expense OMR 2200 Bank OMR 9100 Computer OMR 6700 Dividend income OMR 970

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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Question

From the following information calculate
Net Profit
Sales OMR 40520
Cost of the goods sold OMR 21400
Salaries Expense OMR 8000
Electricity Expense OMR 1900
Depreciation Expense OMR 2200
Bank
OMR 9100
Computer OMR 6700
Dividend income OMR 970

Under accrual basis of accounting, revenue
is recognized when
and
expenses are recognized when
Select one:
O a. Received; paid
b. Incurred; earned
O c. Paid; received
O d. Earned; incurred

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