Accounts Dr Cash OMR 50,000 Accounts receivable 20,000 Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 Accumulated depreciation - Buildings 10,000 Notes payable (due in 2 months) 30,000 Accounts payable 30,000 Interest payable 12,000 Unearned service revenue 10,000 Shared- Capital 120,000 Service revenues 100,000 Salaries Expenses 40,000 Depreciation Expenses 10,000 Utilities Expenses 30,000 Dividends / drawings 10,000 Total 342,000 342,000 If this information was used to prepare income statement, Total expenses should be:

Accounts Dr Cash OMR 50,000 Accounts receivable 20,000 Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 Accumulated depreciation - Buildings 10,000 Notes payable (due in 2 months) 30,000 Accounts payable 30,000 Interest payable 12,000 Unearned service revenue 10,000 Shared- Capital 120,000 Service revenues 100,000 Salaries Expenses 40,000 Depreciation Expenses 10,000 Utilities Expenses 30,000 Dividends / drawings 10,000 Total 342,000 342,000 If this information was used to prepare income statement, Total expenses should be:

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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