Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1- al-salam's company produces cables in oman duri

1- Al-Salam's Company produces cables in Oman During 2020, the company received OR 802,000 from...

70.2K

Verified Solution

Question

Accounting

1- Al-Salam's Company produces cables in Oman During 2020, the company received OR 802,000 from the sales of cables and OR 50,000 from exporting the cables. The company paid OR 3,500 to a German consultant company. What total value of supplies should Al-Salam's Company report and what value added tax should pay?
2- Caps company rents a building on March 1 2019 and starts the business on June 15, 2019. The company estimates a monthly income of OR 4,500 from selling taxable supplies. State when (i.e. date) and why, if at all, the company is liable to register for VAT.
3- On 1 January 2017, A&M LLC. was established to provide auditing services. The company has 5 members on its board. The 2019 financial report showed a total of OMR 100,000 remunerations paid to the board members. The company's net income was OMR 850,000 and taxable income before such remuneration was OMR 800,000. For tax purposes, how much of the remunerations are deductible expenses?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain why temperature has an effect on reaction rate. Explain why concentration has an effect on...

Chemistry
Q

Describe and discuss changes to our society and environment(i.e. economic power, affluence, and individualism) impact gender roles....

Psychology
Q

A system consists of uniformly charged sphere of radius R and a surrounding medium filled...

Physics
Q

In a popular online role playing game, players can create detailed designs for their character's...

Basic Math
Q

11 Find a38 if a 19 and d State your answer as a decimal Round...

Algebra
Q

Bella Company is considering a long-term capital investment project in laser equipment....

Accounting
Q

Transactions week 5 You are now...

Accounting
Q

Question 27 3 points Save iabilities of $2400,000. During...

Accounting
Q

Riverbed Companys income statement for the year ended December 31, 2017, contained the following condensed...

Accounting
Q

51. When an investment in an amortized cost category security is transferred to the FVTOCI...

Accounting
Q

Can you calculate FCFE and FCFF of bank: Net income = 9,090,000,000.00 ...

Accounting
Q

Bellatrix Company had net income of $900 million and sales revenue of $5,250 million. Its...

Accounting