The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries...

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The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR |15,000 OMR 75,000 OMR 60,000 OMR 3,000 OMR |4,500 OMR Cash Share Capital Intangible Assets: Patents and Trade Mark Account Receivable Notes Payable Retained Earnings ? Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? (Rubrics: 1 mark for the correct account balances and answer- Total 1 mark) 2. Identify the accounts listed above that are Current liabilities. (Rubrics: 0.25 mark for the correct account identification– Total 0.5 mark) 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) (Rubrics: 0.5 mark for the correct calculation and answer – Total 2 marks) 4. Prepare a balance sheet for XYZ as of December 31, 2020. (Rubrics: 0.25 mark for each correct element and correct form of balance sheet and heading , 0.5 mark for the correct calculations of totals. Total = 3.5 marks) The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR |15,000 OMR 75,000 OMR 60,000 OMR 3,000 OMR |4,500 OMR Cash Share Capital Intangible Assets: Patents and Trade Mark Account Receivable Notes Payable Retained Earnings ? Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? (Rubrics: 1 mark for the correct account balances and answer- Total 1 mark) 2. Identify the accounts listed above that are Current liabilities. (Rubrics: 0.25 mark for the correct account identification– Total 0.5 mark) 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) (Rubrics: 0.5 mark for the correct calculation and answer – Total 2 marks) 4. Prepare a balance sheet for XYZ as of December 31, 2020. (Rubrics: 0.25 mark for each correct element and correct form of balance sheet and heading , 0.5 mark for the correct calculations of totals. Total = 3.5 marks)

Answer rating: 100% (QA)

1 TO tal NonCurrent asek 3D Buildings Patenti and Trade Manks 60000 OMR 25000 OMR ... View the full answer