College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 03/06/2023 @ 23:59
Course Name: Financial Accounting
Student’s Name:
Course Code: ACCT 201
Student’s ID Number:
Semester: 3rd
CRN:
Academic Year: 1444 H
For Instructor’s Use only
Instructor’s Name: Amal Alshangiti
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
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The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
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Assignments submitted through email will not be accepted.
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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.
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Students must mention question number clearly in their answer.
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Late submission will NOT be accepted.
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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.
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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.
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Submissions without this cover page will NOT be accepted.
College of Administration and Finance Sciences
Assignment Question(s):
(15 Marks)
Q1- Define and list intangible assets. (3 Marks).
Q2- List the usefulness and limitations of statement of financial position. (3Marks).
Q3. From the information given, prepare a statement of cash flows. . (4Marks).
Net income
$40,000
Dividends paid
5,000
Increase in accounts receivable
10,000
Increase in accounts payable
7,000
Purchase of equipment
8,000
Depreciation expense
4,000
Issue of notes payable
20,000
Q4.Given the following account information for Leong Corporation, prepare a statement of financial
position in report form for the company as of December 31, 2012. All accounts have normal
balances. (5Marks).
Equipment
¥ 40,000
Interest Expense
2,400
Interest Payable
600
Retained Earnings
?
Dividends
50,400
Land
137,320
Inventory
102,000
Bonds Payable
78,000
Notes Payable (due in 6 months)
14,400
Share capital–ordinary
60,000
College of Administration and Finance Sciences
Accumulated Depreciation – Eq.
10,000
Prepaid Advertising
5,000
Revenue
331,400
Buildings
80,400
Supplies
1,860
Taxes Payable
3,000
Utilities Expense
1,320
Advertising Expense
1,560
Salary Expense
53,040
Salaries Payable
900
Accumulated Depr. – Bld.
15,000
Cash
30,000
Depreciation Expense,
Building & Equipment
8,000
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