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| Assignment | 2 | Marks | 3.75 (10 Points) |
| Course Title | Financial Accounting | Code | ACCT 201 |
| Uploading | End week 5 | Submission | End week 6 |
| Date | Sat 06/10/2018 | Dates | Sat 13/10/2018 |
Instructions:
- The answers must be in English.
- Students must include their details (Name, Student ID, CRN, Date of submission)
- Answer the ALL
- Do NOTwrite the questions in the answer papers JUST write the question number.
- Assignments should be submitted in MS Word format
- Font should be Times New Roman with 14 points.
- You are required to work in this assignmentindividually.
- You should submit the assignment via the Blackboard System.
- Students, who submit assignments after deadline, will get ZERO.
- If you engaged in plagiarism, you will get ZERO marks in the assignment.
Q1. Presented below is financial information related to Abdallah Company:
(2.5 marks)
Revenue SAR950,000
Income from continuing operations 120,000
Comprehensive income 140,000
Net income 105,000
Income from operations 260,000
Selling and administrative expenses 600,000
Income before income tax 240,000
Compute the following: (a) other income and expense, (b) financing costs, (c) income tax, (d) discontinued operations, and (e) other comprehensive income.
Answer to Q1:
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Q2. The following accounts are for XYZ Company on December 31st. Prepare a multi-step income statement for the year ended December 31st. ( 3 marks)
| Sales | SAR615,000 |
| Administrative expense | 28,400 |
| Prepaid expense | 11,000 |
| Selling expenses | 42,000 |
| Accounts receivable | 25,000 |
| Gain on sale of land | 8,000 |
| Dividends paid | 22,000 |
| Unearned revenue | 6,000 |
| Research & development expense | 84,000 |
| Gain from early repayment of debt | 30,000 |
| Issuance of common stock | 150,000 |
| Accrued expenses | 17,000 |
| Cost of goods sold | 252,900 |
| Interest expense | 12,500 |
| Rent income | 7,000 |
| Unusual Loss | 14,000 |
Answer to Q2:
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Q3. Calculate cash flow from operating activities from the following data: (2.5 marks)
*Profits made during the year SAR. 145,000 after considering the following items:
Amortization of Goodwill 3,000
Depreciation of Fixed Assets 17,000
Loss on Sale of Fixed Assets 2,500
Transfer to General Reserve 15,000
The following is the position of current assets and current liabilities:
| Particulars | 31.3.07 | 31.3.08 |
| Creditors
Debtors Prepaid Expenses Bills Payable |
12,000
16,200 250 5,000 |
8,200
12,000 750 7,000 |
Answer to Q3:
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Q4. Prepare balance sheet in proper form for Golden Tulip hotel Service from the following list of the accounts at November 30 2016: (2 marks)
| Accounts receivable | $10,000 |
| Accounts payable | 18,000 |
| Building | 28,000 |
| Common stock | 30,000 |
| Cash | 8,000 |
| Notes payable | 45,000 |
| Office equipment | 12,000 |
| Retained earnings | ? |
| Trucks | 55,000 |
Answer to Q4:
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