LAILA_ACCT201

DescriptionCollege of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 22/04/2023 @ 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:
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
Assignment Question(s):
(15 Marks)
Q1- Explain the Accounting cycle steps. (3 Marks).
Q2- List the usefulness and limitations of income statement. (3Marks).
Q3. From the information given, prepare a statement of retained earnings. . (4Marks).
ABC corporation had an initial investment of SAR50,000 cash and other information was as
follows:
Accounts payable
SAR12,000 Office furnishings
SAR40,000
Accounts receivable
23,000 Dividends
6,000
Cash
17,200 Rent expense
3,600
Fees earned
30,000 Salaries expense
6,200
Notes payable
4,250 Telephone expense
250
Q4. From the following information of XYZ Company, prepare a multi-step income statement For
the Year Ended December 31, 2021 (5 Marks).
Sales
Sales Returns
$137,460
$2,060
Sales Discounts
$5,190
Cost of Goods Sold
$62,990
Freight-Out
$6,150
Advertising Expense $5,790
Sales Commissions Expense $3,470
College of Administration and Finance Sciences
Office Salaries Expense
$18,510
Office Rent Expense $14,000
Office Supplies Expense
$5,330
Gains on Sale Equipment
$2,430
Loss on Sales of Investments $1,640
Interest Expense
$930

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