College of Administration and Finance SciencesAssignment (2)
Deadline: May 4, 2024 @ 23:59
Course Name: Advanced Financial
Student’s Name:
Accounting
Course Code: ACCT 302
Student’s ID Number:
Semester: Second Semester
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name:
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):
Three Questions Each Carries 5 Marks) (total Marks 15)
Q1. The following information extracted from the parent company
a. Parent company loaned $1000 to Subsidiary with an interest rate of 5%.
b. Parent company made a sale to Subsidiary for $500 cash. The inventory had originally cost
Parent company $200. Subsidiary then sold that same inventory to an outsider for $700.
c. Parent company made a sale to Sub for $800 cash. The inventory had originally cost Parent
$300. Subsidiary has not yet sold that same inventory to an outsider.
Required:
Pass the elimination entries for the intercompany transactions.
Answer:
Q2. Explain the differences between translation and remeasurement of financial statements of a foreign
subsidiary.
Answer:
Q3. The partnership of Ibrahim and Rawan has the following provisions:
•
Ibrahim and Rawan receive salary allowances of SAR 50,000 and SAR 15,000, respectively.
•
Interest is imputed at 5% on the average capital investment.
•
Any remaining profit or loss is shared between Ibrahim and Rawan in a 3:1 ratio, respectively.
•
Average Capital investments: Ibrahim, SAR 300,000; Rawan, SAR 150, 000
•
Net income SAR 300,000
Required: pass journal entry to allocate the profit between Ibrahim and Rawan
2
College of Administrative &Financial Sciences
Assignment (2)
Deadline: Saturday 04/05/2024 @ 23:59
Course Name: Managerial Accounting
Student’s Name:
Course Code: ACCT 322
Student’s ID Number:
Semester: 2ND Semester 23-24
CRN:
Academic Year: 1444 H
For Instructor’s Use only
Instructor’s Name:
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 Administrative &Financial Sciences
Assignment Question(s):
(Marks 15)
Assignment Question(s):
(Marks 5)
Q1. ABC prepares budgets for the quarter ending sept.30. Sales in units: July 20,000, August
50,000, September.30, 000, Oct. 25,000. Selling price is SR 10 per unit. , inventory in June 31, is
4,000 units. Desired inventory is 20% of the next month sales. (5 marks)
Required: Prepare sales and production budgets.
ANSWER:
Q2. ABC Company has equipment, and it considers whether to sell it directly at a price of SR
200,000 or to make some modifications costing SR 10,000 to sell it at a price of SR 220,000.
Required:
Using the differential analysis which alternative do you recommend about the equipment. (2.5
marks)
Answer:
2
College of Administrative &Financial Sciences
Q3. Riyadh Corporation has average operating assets of SR 450,000 and is required to earn a
return of 35% on these assets. In the current period, the division earns net income of SR
75,000. (2.5 marks)
Required:
Compute the residual income.
ANSWER:
Q.4- Saudi and German Joint Corporation is a division of a major corporation. Last year the
division had total sales of SAR 85,780,000, net operating income of SAR 8,697,570, and average
operating assets of SAR 11,000,000. The company’s minimum required rate of return is 15%.
Required:
a. What is the division’s margin?
[1.5 mark]
b. What is the division’s turnover?
[1 mark]
c. What is the division’s return on investment (ROI)?
[1.5 marks]
Answer
3
College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 04/05/2024 @ 23:59
Course Name: Tax and Zakat Accounting
Student’s Name:
Course Code: ACCT 422
Student’s ID Number:
Semester: Second
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name: Khaled Almuaqel
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.
College of Administration and Finance Sciences
Q1. Using your own words, List Five with an explanation of the obligatory conditions of Zakat
to be eligible as alms assets. (5 Marks)
Q2. Abdullah is a Saudi citizen has submitted his zakat return including the following
information for 1445 H (4 Marks)
a) Owns an investment car at a book value of 450,000 and with market value of 510,000, the car
produced a monthly rental value of 33,000, actual total expenses incurred every month of
getting the income is SAR 5,500.
b) Owns a farm at a book value of 950,000 and during the year it produces different type of
fruits. The total gain is SR 390,000. Expenses of the production are estimated at one-third,
assuming it’s watered by water from springs and rain.
Required: Calculate the receptacle of the zakat for each kind assuming the zakat receptacle exceeds
Nisab.
Q3. Using your own words, explain the different concepts of income from accounting,
economics, and taxation perspectives. (3 Marks)
Q4. Using the Formula for individual income tax. Give a comprehensive numerical example for
calculating income tax for an individual taxpayer in United States. (3 Marks)
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
