Presented below is the trial balance of Muscat Corporation on December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work In process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable (Due 2025) 1,000,000 Accumulated Depreciation—Equipment 60,000 Franchises 160,000 Share Capital 1,000,000 Treasury shares 191,000 Patents 195,000 Retained Earnings 210,000 Provision for pensions 80,000 If this information was used to prepare a statement of financial position, Total Current Liabilities should be: Select one: a. 777,000 b. 1,980,000 c. 2,757,000 d. None of the answers are correct e. 1,019,000
Presented below is the
|
Accounts |
Debit |
Credit |
|
Cash |
OMR 197,000 |
|
|
Sales Revenue |
|
OMR 8,100,000 |
|
Trading securities |
153,000 |
|
|
Cost of Goods Sold |
5,132,000 |
|
|
Debt Investments (long-term) |
299,000 |
|
|
Equity Investments (long-term) |
277,000 |
|
|
Notes Payable (short-term) |
|
90,000 |
|
Accounts Payable |
|
455,000 |
|
Selling Expenses |
2,000,000 |
|
|
Investment Revenue |
|
63,000 |
|
Land |
260,000 |
|
|
Buildings |
1,040,000 |
|
|
Dividends Payable |
|
136,000 |
|
Accrued Liabilities |
|
96,000 |
|
|
435,000 |
|
|
Accumulated |
|
352,000 |
|
Allowance for Doubtful Accounts |
|
25,000 |
|
Administrative Expenses |
900,000 |
|
|
Interest Expense |
211,000 |
|
|
Raw Materials |
97,000 |
|
|
Work In process |
250,000 |
|
|
Finished Goods |
250,000 |
|
|
Gain (extraordinary) |
|
80,000 |
|
Notes Payable (long-term) |
|
900,000 |
|
Equipment |
600,000 |
|
|
Bonds Payable (Due 2025) |
|
1,000,000 |
|
Accumulated Depreciation—Equipment |
|
60,000 |
|
Franchises |
160,000 |
|
|
Share Capital |
|
1,000,000 |
|
Treasury shares |
191,000 |
|
|
Patents |
195,000 |
|
|
|
|
210,000 |
|
Provision for pensions |
|
80,000 |
If this information was used to prepare a
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