Question: 1. Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the actual interest rate on

1. Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the actual interest rate on this note?

a.12.00%

b.20.00%

c.22.50%

d.10.00%

2. Al Faras LLC bought a stitching machine for RO 20000. The life of the machine is five years The company follows diminishing balance method of depreciation. The amount of depreciation in the second year is

a.RO 2800

b.RO 3200

c.RO 3800

d.RO 5420

3. Muscat Bakery LLC bought a Toyota Hiace Van for its business in July 2018. The cost of the Van is RO 12000 and the useful life is 5 years. The depreciated was provided in the accounts using Declining Balance method. The company sells the van on 31 Dec 2020 for RO 6000. The amount of Profit /loss to the transferred to the Income statement will be

a.RO 912 Profit

b.RO 912 Loss

c.RO 1728 Profit

d.RO 120 Loss

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