The following sales and purchases are expected over the Five-month period from November 2019 to March 2020 Sales Purchases Nov-2019 OMR 18000 OMR 30000 Dec-2019 OMR 20000 OMR 28000 Jan-2020 OMR 22000 OMR 32000 Feb-2020 OMR 16000 OMR 26000 Mar-2020 OMR 24000 OMR 30000 Additional Information: 1. Wages are paid each month of OMR 6000, which are paid in month that they are incurred 2. Sales are all on credit and we allow 1-month credit period 3. 40% of the Purchases are on credit and supplier allows 1-month credit period- and 60% are for immediate settlement 4. On 1 March 2020, new machine is purchased for OMR 5000, paid the cash immēdiately. 5. The balance at the bank as at 31 December 2019 was OMR 1000 What will be the Closing balance of cash on March, 2020? Select one a. OMR 3600 b. OMR 1800 C. OMR 9400 d. OMR 14800

The following sales and purchases are expected over the Five-month period from November 2019 to March 2020 Sales Purchases Nov-2019 OMR 18000 OMR 30000 Dec-2019 OMR 20000 OMR 28000 Jan-2020 OMR 22000 OMR 32000 Feb-2020 OMR 16000 OMR 26000 Mar-2020 OMR 24000 OMR 30000 Additional Information: 1. Wages are paid each month of OMR 6000, which are paid in month that they are incurred 2. Sales are all on credit and we allow 1-month credit period 3. 40% of the Purchases are on credit and supplier allows 1-month credit period- and 60% are for immediate settlement 4. On 1 March 2020, new machine is purchased for OMR 5000, paid the cash immēdiately. 5. The balance at the bank as at 31 December 2019 was OMR 1000 What will be the Closing balance of cash on March, 2020? Select one a. OMR 3600 b. OMR 1800 C. OMR 9400 d. OMR 14800

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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