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ACCT 302 Week 12 Essentials of Advanced Financial Accounting Worksheet

Acct 302

ACCT

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I’m working on a Accounting question and need guidance to help me study.

Baker, R., Christensen, T., & Cottrell, D. (2012). Essentials of advanced financial accounting (1st ed.). New York, NY: McGraw-Hill/Irwin

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College of Administrative and Financial Sciences Assignment 3 Deadline: (End of Week 12) 11/04/ 2020 @ 23:59 Course Name: Advanced Financial Accounting Student’s Name: Course Code: ACCT 302 Student’s ID Number: Semester: II CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: /10 Level of Marks: 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 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. Assume that at January 1, 2011, the first day of the new fiscal period, the city council of Barb City approves the operating budget for the general fund, providing for $800,000 in revenue and $750,000 in expenditures. Approval of the budget provides the legal authority to levy the local property taxes and to appropriate resources for the expenditures. Record the transaction in journal. (3 MARKS) 2. Discuss in detail the following areas covered under partnership agreement. (3 Marks) • Manner of sharing profits. • Limitations on withdrawals. • Rights of partners. • Conflicts of interest. 3. On Jan, 1 2014, Peter Corp. (a U.S. based company) formed a new subsidiary in Saudi Arabia, Saeed Inc., with an initial investment of 30,000 SAR. (4 Marks) Assume Saeed Inc. Purchases inventory evenly throughout 2014. The ending inventory is purchased Nov. 30, 2014. Uses straight-line depreciation on fixed assets. Declares and pays dividends on Nov. 30, 2014. Purchased the fixed assets on April 1, 2014. Uses SAR as the functional currency. Exchange Rates are given: Jan 1, 2014 0.260 April 1, 2014 0.255 Nov. 30, 2014 0.240 Dec. 31, 2014 0.238 REQUIRED Prepare a schedule to Saeed’s financial statements on Dec. 31, 2014 to U.S. dollars. ...
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Final Answer

Attached.

College of Administrative and Financial Sciences

Assignment 3
Deadline: (End of Week 12) 11/04/ 2020 @ 23:59

Course Name:

Advanced Financial Accounting

Student’s Name:

Course Code: ACCT 302

Student’s ID Number:

Semester: II

CRN:
Academic Year: 1440/1441 H

For Instructor’s Use only
Instructor’s Name:
Students’ Grade:

/10

Level of Marks:

Question 1
Journal entries are usually recorded when a transaction place. In this case, the budgets were
juts approved by the city council of Barb City but there is no any single transaction that took place.
The conviction is that the recording of journal entries will not be possible at this point considering that
there were no reported transactions.
Question 2
Manner of sharing profit- According to the partnership agreement act all profit and losses must be
shared based on the sharing ratio agreed by the partners in the partnership deed. However, the general
rule in the partnership law is that all profit and losses must be shared equally among the partners.
Limitations on withdrawal- Generally there is no limitation on withdrawal but the limitation on
withdrawal in partnership is normally agreed in the partnership deed. Notably, this is based on the
mutual agreement of the partners.
Rights of partners- The partnership agreement act provides the following rights to each partner; first,
each partner has the right to participate in decision mak...

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