Principles of Accounting Assignment 3

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Assignment 3

Course Name: Principles of Accounting Student’s Name:
Course Code: ACCT101 Student’s ID Number:
Semester: I CRN:
Academic Year: 1440/1441 H

 

For Instructor’s Use only

Instructor’s Name:
Students’ Grade:  Marks Obtained/Out of 5 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 answered must be typed usingTimes New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

Assignment Question(s):                                           (5 Marks)

Q1

AbdulazizCo. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000.

Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using:

1- Straight-line Method.

2- Units of Production Method if the machine produces 100,000 units.

Here is a table of units produced each year:

First Second Third Fourth Fifth
23,000 25,000 30,000 22,000

 

3- Double Declining Balance Method(2 Marks).

Q2– On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company’s general journal entry to record the issuance of the note payable
c. Prepare ABC Company’s general journal entry to record the payment of the note on
September 29, 2019(2 marks).

Q3. What are the characteristics of corporations (1 mark).

 

 

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