Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000o, Commission receivedOMR 4000 and Dividend received OMR 2000.a.OMR 18000b.OMR 19000C.OMR 24000d.OMR 21000

Total Incomes: Sum of all the incomes earned derives the total income. Total income to be shown in…

Answered: Compute total income from the…

Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission received OMR 4000 and Dividend received OMR 2000. OMR 18000 b. OMR 19000 OMR 24000 d. OMR 21000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2RE: Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.

See similar textbooks

Related questions

Q: The Maria Company estimated its factory overhead of the next period at P160,000. It is estimated…

A: ABC costing is a method in costing which is used to allocate cost based on various activities…

Q: 8. Suppose a certain bond solda volume of 2, 375, 000. If the bonds sold for $824.99, calculate the…

A: Bond: - Bond is the written promise to pay the par value or face value and interest at a fixed rate…

Q: Which of the following measures both efficiency and effectiveness? O a social responsibility Ob…

A: Efficiency and effectiveness are the elements of any work to be done and both these components go…

Q: State the difference between common stock and preferred stock.

A: Shareholders' fund consist of two types of stock namely common stock and preferred stock. Both…

Q: The total depreciation for the year ended December 31, 2020 is 5. The carrying amount of production…

A: Carrying amount of the assets is the value of the assets which has been computed when the…

Q: Anne LLC purchased computer equipment (five-year property) on August 29, 2018 for $36,000. Anne LLC…

A: The half-year convention is used to calculate depreciation for tax purposes, and states that a fixed…

Q: OB. Large companies are the biggest contributors to the presidential eléclions IR the 88URly.

A: Tax incentive refers to a process of a country’s tax code that is designed to encourage economic…

Q: Required: 1. Assume that due to a recession, Polaski Company expects to sell only 25,000 Rets…

Q: ABE Company factored P100,000 of its accounts receivable to Cee Company for P85,000. An allowance…

A: Cash received = Purchase price- Amount retained by factor Amount retained by factor = Purchase price…

Q: On January 7, 2019, Rey Co., acquired a 35% interest in Joanne Co., for P4,300,000. Rey already held…

A: It is the excess of purchase price of a business over the fair market value of the business's assets…

Q: Ledger account (strictly with date)

A: Ledger account is the account in which the entries debit and credit rules are entered into the…

Q: Ace Industries has current assets equal to $3 million. The company's current ratio is 1.5, and its…

A: Introduction: Current liabilities: The Liabilities which are to be paid with in one year period of…

Q: What amount of liability would the company report on its statement of financial position at the end…

A: $6,500,000 + (50,000 X $200) - $7,500,000 =$9,000,000

Q: Dunne Limited manufactures a standard model of garden gate. The selling price of a gate is €150.…

A: Break even point shows the number of units which are required to sold so that the fixed cost gets…

Q: S1: Government grant related to depreciable asset is usually recognized as income over the useful…

A: Introduction:- Government grants are support by government in the form of take of resources to an…

Q: Vati-Vati CC produces and sells only one product. The following data is available: Net loss N$200…

A: Net profit/(loss) = Gross profit - operating expenses

Q: What are the short and longer consequences of recognising cable revenue costs as capital spending

A: A company's capital expenditures (CapEx) are cash outlays for the purchase, improvement, and…

Q: 2. Raymond and Michele file a joint tax return. Raymond earned $83,000 during the year, while…

A: 1) RAYMOND AND MICHELE FILE JOINT TAX RETURN RAYMOND EARNED $83,000 MICHELLE EARNED - $139,000 FOR…

Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…

A: Variable cost: - A variable cost is the cost which is changes according to the change in the volume…

Q: Alexander Corporation reports the following components of stockholders’ equity at December 31, 2019.…

A: The shareholders' equity section records the issued capital, additional paid in capital and retained…

Q: The following information applies to the questions displayed below.] In preparation for developing…

A: The cash flow statement is prepared to record the cash flow from various activities including…

Q: What is the amount of inventory on March 31 using the moving average cost flow technique? During…

Q: maintenance costs: Total Total Month Maintenance Costs Machine Hours January $2,750 2,850 February…

A: Solution... Highest point Machine hours = 8,300 Maintenance costs = $5,693 Lowest point…

Q: Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 6. Question Content Area Budgeted Cash Collections, Budgeted Cash Payments Historically, Ragman…

A: A Cash Flow Forecast seems to be a tool used by organizations to assist them to anticipate where…

Q: Determine the company's break-even point in (1) number of lawns serviced per month and (2) sales…

A: Breakeven sales is that level of sales at which business is only covering its fixed costs and…

Q: Mary Jarvis is a single individual who is working on fling her tax return for the previous year. She…

A: The tax liability refers to the income tax payable by the taxpayers on the taxable income. The tax…

Q: Use the percent-of-sales method to prepare a pro forma income statement for the year ended December…

A: A pro forma income statement is a document that shows a company's adjusted income after certain…

Q: a. Gains or losses from amendments to post retirement plans are a component of other comprehensive…

A: The answer is stated below: Note: Answering the first three subparts as there are…

Q: Pete Corporation and Sol Company agreed to combine their businesses, with Pete Corporation as the…

Q: Asura Co. purchased land and building for a lump-sum price of P48,000,000. The existing building…

A: Lump-sum purchase: - Lump-sum purchase occurs when different assets or a group of assets are…

Q: The difference between the federal minimum wage and the tipped wage involves: Muitiple Choice An…

A: Federal government set required minimum wages for the worker who receives the tips on a regular…

Q: Complete FLASH TRUCKING SERVICES WORKSHEET FOR THE MONTH ENDED DECEMBER 31, 2014

A: Worksheet is 10 column sheet which first shows unadjusted general ledger balances, adjustment…

Q: Prepare the companies financial statements including income statement, equity statement, balance…

A: Financial Statements: Financial Statements are the summary Reports that shows the financial results…

Q: Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable…

A: The Schedule of cash receipts represents the cash received by the company through checks and through…

Q: For each of the following, give two examples of physical control that the client can use to protect…

A: Solution:- The following common methods of physical control as follows under:- Biometrics Thermal…

Q: DIDAL Company owns a ranch which produces the livestock which it uses in its meat processing…

A: Current Liabilities are those dues and obligations which needs to be settled or being paid out by…

Q: Evaluate the following statements using relevant diagrams and provide detailed explanations. The…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Actual sales for August and September are as follows: August September Cash sales $6,000…

A: The question is based on the concept of Cost Accounting. A cash budget is designed to determine the…

Q: BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC…

A: Hi student Since there are multiple questions, we will answer only first question. Since first…

Q: During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold…

A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…

Q: Jaffers Corporation has a current ratio (defined as current assets dividend by current liabilities)…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Brody Company makes industrial cleaning solvents. Various chemicals, detergent, and water aremixed…

A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit…

Q: On 1 January 2014, Lystra entered into a lease agreement with Trina to rent an asset for a 6 year…

A: As per IFRS 16, The lease liability ia to be measured at commencement date. It is present value of…

Q: Aye Company factored P600,000 of its accounts receivable to Sweet Company on October 1. Control was…

A: Factoring fee = 600,000 x 3% = 18,000 Factor holdback = 600,000 x 5% = 30,000 Interest charges =…

Q: e answer within 30 min

A: In this question, we have to calculate deferred compensation under two different cases by using the…

Q: Under which circumstances can the speculator gain a profit and what is the risk of carry trades?

A: The big risk in a carry trade is the uncertainty of exchange rates. Using the example above, if the…

Q: Required information [The following information applies to the questions displayed below] The Field,…

A: Liquidation seems to be the process whereby a corporation is wound up. In addition, the company's…

Q: The following statement suits best the definition of EXPENSES a. Expenses are resources used,…

A: A Expenses is a recurring nature items to be paid. These are shown in the income statement by the…

Q: Cash Budget Friendly Freddie’s is an independently owned major appliance and electronics discount…

A: Cash Budget- A cash budget is a type of budget that is used to plan an entity's cash receipts and…

Question

Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000o, Commission received
OMR 4000 and Dividend received OMR 2000.
a.
OMR 18000
b.
OMR 19000
C.
OMR 24000
d.
OMR 21000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.
Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission received OMR 4000 and Dividend received OMR 2000.
Compute total income from the following? Net Sales OMR 50000, Cost of goods sold OMR 20000, Dividend received OMR 5000, Insurance paid OMR 2000, Depreciation OMR 2000 and Commission received OMR 1000. a. OMR 36000 b. OMR 27000 c. OMR 33000 d. OMR 43000
Calculate net profit from the following? Net sales OMR 50000, Cost of goods sold OMR 20000, Rent received OMR 10000, Salaries OMR 5000, Insurance OMR 3000 and Depreciation OMR 4000. a. OMR 28000 b. OMR 32000 c. OMR 30000 d. OMR 35000
Calculate the net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 30000, Rent received OMR 20000, Salaries OMR 10000, Insurance OMR 6000 and Depreciation OMR 8000.
If the gross profit 196 000 ID, other revenue and gains 4 360 ID , operating expenses 143.900 ID, net purchases 1200000ID the net profit is:
Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?
Whencash 5000, net sales 185000, general utilities OR 2100, Rent expense OR 190, cash OR 2750, furniture OR 4500 , gross profit OR 42500 and general income OR 3260.The net profit is: Select one: a. 49720 b. 46970 c. 39210 d. The correct answer not available
Use this information to Prepare a multiple-step income statement with earnings per sharedisclosure Denver Co. 12/31/2022 Debits CreditsPartial Trial Balance DataSales revenue 700,000Interest revenue 60,000Salary payable 15,000Gain on sale of land 110,000Patent 15,000Supply inventory 25,000Cost of goods sold 500,000Salary expenses 150,000Common stock 250,000Retained earnings 150,000Cash 250,000Office expense 100,000Denver's business segment, Division A, was sold at a pretax loss of 25,000 on July 1, 2022. Ithad earned a $13,000 pretax operating income from January 1, 2022 to the disposal date. Denverhad 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenaccrued. The effective tax rate is 30%. dont give me handwritten answers thank you
Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525; Net Income = $315. What is Taxes? 29% 8% 14% 40%
Assume that a company has current assets of R60 000, current liabilities of R5 000 and prepaid expenses of R5 000. Calculate the quick ratio of the company? 1.57 or 1.71 or 0.58 or 1.86