ACCT 490 Saudi Electronic University Principles of Accounting Questions: Accounting Answers 2021

ACCT 490 Saudi Electronic University Principles of Accounting Questions: Accounting Answers 2021

Question Title:

ACCT 490 Saudi Electronic University Principles of Accounting Questions

Full Question:

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College of Administrative and Financial Sciences
Assignment 2
Deadline: 17/07/2021 @ 23:59
Course Name: Principles of Accounting
Student?s Name:
Course Code: ACCT490
Student?s ID Number:
Term: Summer
CRN:
Academic Year: 2020/2021
For Instructor?s Use only
Instructor?s Name:
Students? Grade: Marks Obtained/Out
of 20
Level of Marks: High/Middle/Low
Instructions:
1. This assignment is an individual assignment.
2. All students are encouraged to use their own words.
3. Student must apply Saudi Electronic University academic writing standards and
APA style guidelines.
4. Support your submission with course material concepts, principles, and theories
from the textbook along with at least two scholarly, peer-reviewed journal
articles.
5. A mark of zero will be given for any submission that includes copying from
other resource without referencing it.
6. It is strongly encouraged that you submit your assignment into the safe
assignment Originality Check prior to submitting it to your instructor for
grading.
Assignment Question(s): (20 Marks)
Q.1 K ltd purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a
salvage value of 5,000 Calculate the depreciation expense, accumulated
depreciation, book value throughout its useful life using: (4 Marks)
(I)- Straight-line method.
(II)- Units of Production method if the machine produces 100,000 units.
Here is a table of units produced each year:
First year
Second year
Third year
Fourth year
Fifth year
23,000
25,000
?
30,000
22,000
Answer:
Q.2 A company has the following unadjusted account balances at December 31, of
the current year: Accounts Receivable of $185,700 and Allowance for Doubtful
Accounts of $1,600 (credit balance). This company uses the aging of accounts
receivable to estimate its bad debts. The following aging schedule reflects its
accounts receivable at the current year-end: (4 marks)
Account Age
Current (not yet due)
1-30 days past due
31-60 days past due
61-90
Over 90 days past due
Total
Balance
$96,000
Estimated
Uncollectible
Percentage
1.0%
64,000
16,000
3.5
12.0
6,500
3,200
$185,700
42.0
67.0
1. Calculate the amount of the Allowance for Doubtful Accounts that should appear
on the December 31, of the current year, balance sheet.
2. Prepare the adjusting journal entry to record bad debts expense for the current
year.
Q.3 Prepare journal entries to record the following selected transactions that occurred
during the company?s operations: (4 marks)
1. On January 30, 2017, Candlestick, Inc. sells $100,000, five-year, 10 % bonds for
92.639% of face value.
2. Company sells $100,000, five-year, 10 % bonds for 108.111% of face value on
July 1, 2017.
Q.4 On July 19, 2018, Omar Co. purchased a machine for 260,000 SA from Saudi
Machine Company (SMC). Omar gave SMC 7% note due in 120 days in payment for
the machine. (4 Marks)
a. What is the maturity date of the note?
b. How much interest will Omar pay to SMC on this note?
c. Record the note?
Answer:
Q.5 what do you mean by liabilities? Discuss its classification as per balance sheet.
(4 Marks)

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