Account

Assignment

Deadline: 18/04/2020 @ 23:59

Course Name: Principles of Accounting	Student’s Name:
Course Code: ACCT101	Student’s ID Number:
Semester: I	CRN:
Academic Year: 1440/1441 H

For Instructor’s Use only

Instructor’s Name:
Students’ Grade: Marks Obtained/Out of 5	Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY

· The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

· Assignments submitted through email will not be accepted.

· Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.

· Students must mention question number clearly in their answer.

· Late submission will NOT be accepted.

· Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

· All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

· Submissions without this cover page will NOT be accepted.

Assignment Question(s): (5 Marks)

Q1- Prepare the journal entries to record these transactions:

A. At the beginning of the year, Mohammed, Inc. issued an amount of shares of $5 par value stock for $30 per share. (Provide an amount of the stock issued)?

Q2- Here is the following information for Abdullah’s Company; please calculate the net cash provided by operating activities using the indirect method: by providing an amount of the needed information below: (2 Marks)

Net income:

Depreciation expense:

Accounts receivable decreased:

Gain on sale of land:

Merchandise inventory increased:

Proceeds from sale of land:

Prepaid expenses decreased:

Accounts payable increased:

Q3- Please prepare the Classified Balance Sheet for Saud’s company based on the following information taken from the trial balance in December 2018 (2 Marks)

cash	4,500
Account receivable	2,500
Rent expense	1,500
Inventory	500
Account payable	1,900
Unearned revenue	1,600
Common stock	5,000
Retained earnings	1,500
Prepaid rent	800
Building	3,000
Accumulated depreciation – building	1,300
Service revenue	2,400

Q4: Do you think the financial statements provides ALL the necessary information to external users to make better decision? Mention any information that should be known by external users and not included in the financial statements?

Q5: From a personal perspective, why do accountants have to divide the life of the entity into periods?