Mr. Mohammed is the owner and the Manager of Big Fried Chicken LLC in Muscat; his company made a total revenue of 300,000 OMR in 2020. The total expenses is 320,000 OMR in the same year. How much will be his profit/loss for the year 2020? a. Profit of 20,000 OMR Ob. Profit of 620,000 OMR Loss of 20,000 OMR d. Loss of 620,000 OMR

Mr. Mohammed is the owner and the Manager of Big Fried Chicken LLC in Muscat; his company made a total revenue of 300,000 OMR in 2020. The total expenses is 320,000 OMR in the same year. How much will be his profit/loss for the year 2020? a. Profit of 20,000 OMR Ob. Profit of 620,000 OMR Loss of 20,000 OMR d. Loss of 620,000 OMR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Alpesh
ess Your answer is incorrect. During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses $497000, cash dividends $92300, other expenses and losses $41200. Its corporate tax rate is 30%. What was Coronado's income tax expense for the year? O $57630 O $497000 O $186900 O $62300 Save for Later Last saved 30 seconds ago. Attempts: 2 of 4 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. MacBook Pro
Subject:- accounting
Marco Travels reports a gross profit of $35,000, interest expense of $4,000, a tax rate of 30% and earning after taxes of $8,610. What is the depreciation expenses?
Complete an INCOME STATEMENT for Perez Pizza for the month ending January 31, 2020. They sold $15 100 in pizza slices (which cost them $8 000) and sold $37 000 worth of full pizza’s (which cost them $23 000). He had to pay $5 600 in wages, spent $2300 on a computer, paid $80 for his phone services and $700 for utilities. He also had to pay $1500 in interest expense on his bank loan.
On January 15, 2026, Pina Company paid property taxes on its factory building for the calendar year 2026 for $1112000. In the first week of April 2026, Pina made unanticipated major repairs to its plant equipment for $2715000. These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Pina's quarterly income statements? O O 3/31/26 $1112000 $278000 $956750 $278000 Three Months Ended 6/30/26 $1810000 $1183000 $956750 $2654700 9/30/26 $0 $1183000 $956750 $278000 12/31/26 $0 $1183000 $956750 $278000
During August, 2022, Sheffield's Supply Store generated revenues of $60100. The company's expenses were as follows: cost of goods sold of $35000 and operating expenses of $4200. The company also had rent revenue of $1100 and a gain on the sale of a delivery truck of $2100. Sheffield's net income for August, 2022 is O $25100. O $24100. O $20900. O $22000. Save for Later Attempts: 0 of 1 used Submit Answer
on the sale of a house, broker Audrey Kirch earns 7% of the first $50,000 and 3% of any amount exceeding $50,000, What was the selling price of a house if her total commission was $4,475?
(please answer, I will give you multiple upvote)
1. In your new position as head accountant at Grab and Go, Inc. you noted that last month on July 2, 2018 the company bought "computers" for $500,000; your job is to lower their corporate taxes if possible. You decide to use MACRS for depreciation. The years in question are: 2017, 2018, 2020, 2022, 2024.
For 2020, Garden Corporation has 800.000 of gross profit from its sales and $410,000 of operating expenses. Garden makes $90,000 of cash charitable contributions during 2020 Inot inchuded in the other amounts). How much of these contributions can it deduct for 2020? (Note that this is for 2020, ie, 25%) O $75.000 O $97.500 $22.500 O $90.000
please dont provide answer in image format thak you