Administrative and Financial Sciences

College of Administrative and Financial Sciences Assignment 2 Deadline: 03/07/2021@ 23:59 Course Name: Financial Accounting Student’s Name: Course Code: ACCT 201 Student’s ID Number: Semester: Summer CRN: Academic Year: 1441/1442 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. 1 • 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. 2 Assignment Question(s): (Marks 5) Q1. What are the various methods for Accounting of Uncollectible Accounts? Explain method with suitable examples. each (1.5 Marks) Answer: Q2. ABC Ltd. is a metal product manufacturing company. The following are the purchases and issues during the month of July, 2019: (1.5 Marks) Date July 1 Beginning Inventory 400 units @ $120 July 6 Purchase 250 units @ $150 July 11 Purchase 200 units @ $100 July 17 Sales 600 units @ $300 July 19 Purchase 150 units @ $120 July 21 Purchase 350 units @ $160 July 31 Sales 500 units @ $350 Required: Using FIFO and Average Cost Methoda) Find out the value of Ending Inventory after each transaction. b) Find out the value of cost of goods sold after each sales. Note: You can round off the values for the calculations under average cost method. Answer: Q3. What formats are used to prepare Statement of Financial Position? Prepare a Statement of Financial Position of MNT Company for the year ended 31st December, 2015 in a proper format from the following list of accounts: (2 Marks) 3 List of Accounts Long Term Investments Land Buildings Equipment Goodwill Patents Inventories Account Receivable Prepaid Expenses Short term investments Cash and cash equivalents Share Capital-Ordinary Share Capital-Preference Retained Earnings Bonds (Liabilities due January 31, 2025) Notes payable Account payable Salary payable Deposits received from customers .Answer: 4 Amount ($) 51,000 68,500 165,000 170,000 15,000 5,500 270,000 90,500 28,000 27,000 26,500 210,000 220,000 93,500 233,750 44,000 108,350 4,200 3,200
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