Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Saudi Electronic University - ACCT 201 FINANCIAL ACCOUNTING ACCT 201 ASSIGNMENT 2 Q1) Differentiate Cash basis vs
ASSIGNMENT 2
Q2. Presented below are selected accounts of Aramco Company at December 31, 2010.
|
FinishedGoods |
SAR 52,000 |
Cost of GoodsSold |
SAR 2,100,000 |
|
Revenue Received in Advance |
90,000 |
Notes Receivable |
40,000 |
|
Equipment |
253,000 |
AccountsReceivable |
161,000 |
|
Work-in-Process |
34,000 |
RawMaterials |
187,000 |
|
Cash |
42,000 |
Supplies Expense |
60,000 |
|
Trading Securities |
29,000 |
Allowance for DoubtfulAccounts |
12,000 |
|
Customer Advances |
36,000 |
Licenses |
18,000 |
|
Cash Restricted for Plant Expansion |
50,000 |
Share Premium - Ordinary |
88,000 |
|
|
Treasury Stock |
22,000 |
|
The notes receivables are due April 30, 2012, with interest receivable every April 30. The notes bear 6% interest (Hint: Accrue interest due on December 31, 2010.)
Instructions:
Prepare the current assets section of AramisCompany’sDecember 31, 2010, statement of financial position, with appropriate disclosures.
Q3. Record the following transactions of Reed Co. in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.)
Q4. Prepare a statement of cash flows of Stanislaus Co. for the year ending December 31, 2012
|
|
|
December 31 |
|
2011 |
2012 |
|
|
Land |
$ 58,800 |
$ 21,000 |
|
Equipment................................................ |
504,000 |
789,600 |
|
Inventory.................................................. |
168,000 |
201,600 |
|
Accounts receivable (net)........................ |
84,000 |
151,200 |
|
Cash......................................................... 42,000 |
63,000 |
|
|
TOTAL.......................................... $856,800 |
$1,226,400 |
|
|
Share capital–ordinary............................ $420,000 |
$ 487,200 |
|
|
Retained earnings........................................ 67,200 |
205,800 |
|
|
Notes payable - Long-term........................ 168,000 |
302,400 |
|
|
Notes payable - Short-term......................... 67,200 |
29,400 |
|
|
Accounts payable......................................... 50,400 |
86,000 |
|
|
Accumulated depreciation...................... 84,000 |
115,600 |
|
|
TOTAL.......................................... $856,800 |
$1,226,400 |
|
Additional data for 2012:
