60.1K

Verified Solution

Link Copied!

Lulu Bakeries has short-term assets of OMR 2,800, building and equipment of OMR 4,300; and other assets totaling OMR 1,700. Short-term are OMR 1,700 and account payable are OMR 3,000. Requirements: a) Use the above information to write Lulu Bakeries' accounting equation. (Rubrics: 0.5 mark for the correct answer, 0.5 mark for the workings and calculations - Total 1 mark) b) How much in economic resources does Lulu Bakeries owns and controls ? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) c) How much does Lulu Bakeries owe creditors? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) d) How much of the business's assets do the Lulu Bakeries shareholders own? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) Lulu Bakeries has short-term assets of OMR 2,800, building and equipment of OMR 4,300; and other assets totaling OMR 1,700. Short-term are OMR 1,700 and account payable are OMR 3,000. Requirements: a) Use the above information to write Lulu Bakeries' accounting equation. (Rubrics: 0.5 mark for the correct answer, 0.5 mark for the workings and calculations - Total 1 mark) b) How much in economic resources does Lulu Bakeries owns and controls ? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) c) How much does Lulu Bakeries owe creditors? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) d) How much of the business's assets do the Lulu Bakeries shareholders own? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark)

Answer & Explanation Solved by verified expert

See Answer