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 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...

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

Jun 09, 2022