Following balances are taken from the adjusted trial balance of a service business: Capital OMR 40,000;...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Following balances are taken from the adjusted trial balance of a service business: Capital OMR 40,000; Cash OMR 3,500; Service revenue OMR 17,800; Rent expense OMR 1,200; Salary expense OMR 5,500; Drawings OMR 2,400; Utilities expense OMR 2,200 and prep insurance OMR 500. What will be the net profit or net loss of the business? Following balances are taken from the adjusted trial balance of a service business: Capital OMR 40,000; Cash OMR 3,500; Service revenue OMR 17,800; Rent expense OMR 1,200; Salary expense OMR 5,500; Drawings OMR 2,400; Utilities expense OMR 2,200 and prep insurance OMR 500. What will be the net profit or net loss of the business?
Expert Answer:
Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
The following account balances were taken from the adjusted trial balance for Admiral Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2008: Prepare an...
-
The following data were taken from the adjusted trial balance of Kent Corporation. Required: Prepare a classified balance sheet in good form at December 31, 2014 (Ignore income taxes) Kent...
-
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Accounts Amount Accumulated Depreciation $32,000 Fees Earned...
-
Which of the following statements about Visa credit card sales is incorrect? (a) The credit card issuer makes the credit investigation of the customer. (b) The retailer is not involved in the...
-
The beam shown is loaded in the xy and xz planes. (a) Find the yz components of the reactions at the supports. (b) Plot the shear-force and bending-moment diagrams for the xy and xz planes. Label the...
-
In Problems 39 52, find the real zeros, if any, of each quadratic function using the quadratic formula. What are the x-intercepts, if any, of the graph of the function? f (x) = x 2 + 4x + 2
-
Identify how ethical investment can affect corporate decision making regarding sustainable business operations.
-
Fred and Frieda have always wanted to enter the blueberry business. They locate a 50- acre piece of hillside in Maine that is covered with blueberry bushes. They figure that the annual yield from the...
-
When an object is placed between the pole(P) and focus(F) of a concave mirror, the image formed is (i) behind the mirror (ii) virtual and erect and (iii) larger than the object (or magnified) M A' E...
-
On January 1, Year 1, the Vine Company purchased 60,000 of the 80,000 ordinary shares of the Devine Company for $80 per share. On that date, Devine had ordinary shares of $3,500,000, and retained...
-
Now that you have reviewed information about Disc-O-Tech, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to...
-
Suppose it is certain that an earthquake will occur someday. What is the probability (to the nearest percent) that it will occur while you are at school? Assume you are at school 5 hours per day, 174...
-
True or false? In roulette, if you bet on black, the probability of winning is \(\frac{1}{2}\) because there are equal numbers of black and red spots. Explain.
-
Use estimation to select the best response in Problems 5-10. Do not calculate. Which of the following is a conditional probability? A. \(P(\) normal female \()\) B. \(P(\bar{A})\) C. \(P(\) normal...
-
Find the numerical value of each expression in Problems 6-10. \({ }_{14} C_{4}\)
-
Name the move or moves that will return the Rubik's cube to standard position after making the move shown in Problems 38-51. \(B U\)
-
TIAA-CREF - the US Pension fund - is considering a risk-proof investment of US$ 1 billion for the next 180 days. Investment opportunities include a US zero treasury bond offered at 98% maturing at...
-
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R
-
The investment committee of Fiesta Cantina Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an investment of $780,000. The estimated net...
-
Hawkeye Healthcare Corp. is proposing to spend $134,136 on an eight-year project that has estimated net cash flows of $27,000 for each of the eight years. a. Compute the net present value , using a...
-
Display Labs Inc. recently began production of a new product, flat panel displays, which required the investment of $1,800,000 in assets. The costs of producing and selling 9,000 units of flat panel...
-
True or False: Annual worth analysis is the most popular DCF measure of economic worth.
-
Consider a palletizer at a bottling plant that has a first cost of \($150,000,\) operating and maintenance costs of \($17,500\) per year, and an estimated net salvage value of \($25,000\) at the end...
-
True or False: Unless non-monetary considerations dictate otherwise, choose the mutually exclusive investment alternative that has the greatest annual worth over the planning horizon.
Study smarter with the SolutionInn App