Accounting 101 -Acct-101 assignment

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1-In 2016, Omar Co. purchased a machine for 480,000 SAR cash. The machine is expected to produce 2,500,000 units during its useful life and has an estimated salvage value of 80,000 SAR. (3 Marks)

Assume that:

a.In 2016, Omar Co. produced 600,000 units

b.In 2017, 700,000 units were produced.

c.In 2018, 500,000 units were produced.

d.In 2019, 300,000 units were produced.

e.In 2020, the factory was closed for maintenance reasons.

f.In 2021, 400,000 units were produced.

Calculate the following: (4 Marks) (draw a table)

1.The amount of depreciation expense in those years?

2.The amount of accumulated depreciation?

3.The amount of book value in these years?

Answer:

2-STC has declared on 23th January to pay 2 SAR per share as cash dividend. Note, STC has 3,000,000 common shares. The dividend will be paid on 28 February to stockholders of record on January 29.

-Journalize the required entries? (2 Marks)

Answer:

3. Below is financial information extracted from financial statements for KHLED Inc. for 2016.

items

Amounts in thousands of Saudi Riyal

Net in come

200

Depreciation expense

15

Increase in accounts receivable

35

Decrease in inventory

30

Increase in accounts payable

20

Proceeds from sale of land

50

Purchases of equipment

20

Proceeds from issuance of common stock

40

Cash dividends

5

Cash, January 1, 2016

100

Required: Prepare cash flow statement for KHALED Inc. for 2016 using indirect method.

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