College of Administrative and Financial Sciences Assignment 2 Deadline: (end of week 9) 31 /10/ 2020 @ 23:59 Course Name: Financial Accounting Student’s Name: Course Code: ACCT 201 Student’s ID Number: Semester: I CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Students’ Grade: …… /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 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. Assignment Question(s): (Marks. 5) Q1. Choose a Saudi corporation and find its statement of financial position for 2019 and the related notes. Discuss and analyze the statement in light of things you studied in chapter 5. Answer should be no less than 300 words. (2 mark) Answer: Q2. Discuss the different methods to account for cash discount. Support you answer with examples. (1 mark). Answer: Q3. During April, the following changes in the single inventory product took place: (2 mark). April 1 Balance 1,400 units @ $24 8 Purchased 900 units @ $36 12 Purchased 700 units @ $30 24 Purchased 400 units @ $50 10 Sold 1,500 units @ $40 26 Sold 1,700 units @ $44 Calculate the COGS after each sales transaction and the ending inventory after each transaction under the following methods. (a) FIFO. (b) Average Cost. (round numbers to the nearest 10) Answer: BALANCE SHEET 2019-12-31 2018-12-31 2017-12-31 Current Assets 68,547,636 79,343,025 91,700,476 Inventory 26,413,580 28,244,803 26,062,995 Investments 23,350,394 29,364,539 18,055,544 Fixed Assets 170,056,249 163,819,684 167,355,911 Other Assets 21,997,892 18,938,823 19,280,496 Total Assets 310,365,751 319,710,874 322,455,422 Current 37,447,236 37,108,403 48,299,406 Liabilities Non-Current 61,667,193 61,165,996 64,017,524 Liabilities Other Liabilities Shareholders 168,761,908 173,084,380 163,921,633 Equity 310,365,751 319,710,874 322,455,422 Total Liabilities and Shareholder Equity 42,489,414 48,352,095 46,216,859 Minority Interests All figures are in Thousands Thousands Thousands Currency SAR SAR SAR Last Update 2020-03-24 2019-03-13 2018-03-14 Date 2016-12-31: 2017-02-22
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