ACCT302: Advanced Financial Accounting + CCT 201: Financial Accounting = 2 files in 4 hours

Codes must be written in text and images

If personal information is required, use the attached information

You must do the solution in the same attached file

TextbookKieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting, IFRS Edition. Hoboken, NJ: John Wiley & Sons, Inc. ISBN-978-0-470-1630-7. College of Administrative and Financial Sciences
Assignment 1
Deadline: 02 /03/ 2024 @ 23:59
Student’s Name:
Student’s ID Number:
CRN: 23339
Course Name: Financial Accounting
Course Code: ACCT 201
Semester: 2
Academic Year: 2023- 24
For Instructor’s Use only
Instructor’s Name: Dr. Youssef RIAHI
Students’ Grade: …… /15
Level of Marks: High/Middle/Low
nstructions – 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.
College of Administrative and Financial Sciences
Assignment Question(s): Marks 15 Chapter 1 to 5
Q1 Globalization demands a single set of high-quality international accounting standards. List
the elements of High Quality Standards and explain the two major boards that sets standards.
Answer: 3 Marks
Q2. Q2. What do you understand by deferrals and accruals in adjusting entries? Give
numerical examples on how such adjusting entries are made.
(4 Marks)
Answer:
Q3. Fill in the blanks (1 Mark)
Sales Revenue
– Cost of goods sold
500,000
?
?
305,800
=
Gross
Profit
175,000
?
– Operating
expenses
?
115,750
=Net Profit
76,500
65,250
Answer:
Sales Revenue
– Cost of goods sold
500,000
= Gross Profit
Operating
expenses
175,000
305,800
115,750
=Net Profit
76,500
65,250
Q4. a. What do you understand by allocation to non-controlling interest and discontinued
operations? Explain how they are reported in the income statement. (2 Marks)
Amswer:
College of Administrative and Financial Sciences
Q4b. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a
discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the
information on the income statement, and if it had a loss of SR 10,000 from a discontinued operation.
Assuming a 35 percent income tax rate, show the changes in Income on the income statement
(2 Marks)
Prepare:
1. Changes in Income on the income statement when Loss made from discontinued operations
2. Changes in Income on the income statement when Gain made on discontinued operations
Answer:
Q5
The following information in SAR. Prepare a Cash Flow Statement:- (3 Marks)
Opening Cash Balance
15,000
Closing Cash Balance
23,000
Increase in current liabilities
13,000
Decrease in current assets
17,000
Fixed assets purchase
30,000
Redemption of 12% bonds
14,000
Profit for the year
18,000
Depreciation
4000
Answer:
College of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 2/3/2024 @ 23:59
Course Name: Advanced Financial
Student’s Name:
Accounting
Course Code: ACCT 302
Student’s ID Number:
Semester: Second Semester
CRN: 24922
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name: Dr. Mohammed Arshad Khan
Students’ Grade:
/15
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 answers 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.
1
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation
for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was
trading at $30 per share at the acquisition date.(3 marks)
Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring
Incorporation’s Journal.
Answer:
2
College of Administration and Finance Sciences
Q2. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses
($): (3 marks)
Legal fees
50,000
Accounting fees
20,000
Travel expenses
5,000
Legal fees (SEC)
40,000
Accounting fees (SEC)
10,000
SEC filing fees
15,000
Required: Prepare the journal entry to record the acquisition expenses.
Answer:
3
College of Administration and Finance Sciences
Q3. Z Incorporation acquired significant influence over Y Company by purchasing 100 percent
of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays
dividends of $10,000(4 marks)
Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using
Equity Method And Cost Method.
Answer:
4
College of Administration and Finance Sciences
Q4. Given the Following Information for 2023(5 marks)
Z owns 70% of Y
Y net income for 2023 is $150,000
Y declares dividends of $10,000 during 2023.
Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share.
Y beginning balance in Retained Earnings for 2023 is $50,000.
Required: Prepare Basic Elimination Entry Using Equity Method
Answer
5