ACCT302: Advanced Financial Accounting + CCT 201: Financial Accounting = 2 files in 4 hours

Codes must be written in text and images

If personal information is required, use the attached information

• You should avoid plagiarism from any website or artificial intelligence
• You must provide the solution within two hours only from the time you accept the request and do not wait until the time specified on the site
• Proper referencing in APA format is must
• Text size 12-Times New Roman only.
• Avoid plagiarisms
• Avoid copying from any source
• Avoid using another teacher’s solution or a similar previous student’s solution because it is a university whose system can access even the solutions published on the study pool website
• You must give 100/100 correct solution
• Avoid using paraphrasing programs or websites
• You must provide a correct answer 100/100
• You must do the solution in the same attached file

You must do the solution in the same attached file

• Required Texts
• Baker, R., Christensen, T., & Cottrell, D. (2012). Essentials of advanced financial accounting (1st ed.). New York, NY: McGraw-Hill/Irwin. ISBNs: 9780078025648 (print); 9780077505240 (e-copy).

Textbook
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting, IFRS Edition. Hoboken, NJ: John Wiley & Sons, Inc. ISBN-978-0-470-1630-7.

College of Administrative and Financial Sciences
Assignment 1
Deadline: 02 /03/ 2024 @ 23:59
Student’s Name:
Student’s ID Number:
CRN: 23339
Course Name: Financial Accounting
Course Code: ACCT 201
Semester: 2
Academic Year: 2023- 24
For Instructor’s Use only
Instructor’s Name: Dr. Youssef RIAHI
Students’ Grade: …… /15
Level of Marks: High/Middle/Low
nstructions – 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.
College of Administrative and Financial Sciences
Assignment Question(s): Marks 15 Chapter 1 to 5
Q1 Globalization demands a single set of high-quality international accounting standards. List
the elements of High Quality Standards and explain the two major boards that sets standards.
Answer: 3 Marks
Q2. Q2. What do you understand by deferrals and accruals in adjusting entries? Give
numerical examples on how such adjusting entries are made.
(4 Marks)
Answer:
Q3. Fill in the blanks (1 Mark)
Sales Revenue
– Cost of goods sold
500,000
?
?
305,800
=
Gross
Profit
175,000
?
– Operating
expenses
?
115,750
=Net Profit
76,500
65,250
Answer:
Sales Revenue
– Cost of goods sold
500,000
= Gross Profit
Operating
expenses
175,000
305,800
115,750
=Net Profit
76,500
65,250
Q4. a. What do you understand by allocation to non-controlling interest and discontinued
operations? Explain how they are reported in the income statement. (2 Marks)
Amswer:
College of Administrative and Financial Sciences
Q4b. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a
discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the
information on the income statement, and if it had a loss of SR 10,000 from a discontinued operation.
Assuming a 35 percent income tax rate, show the changes in Income on the income statement
(2 Marks)
Prepare:
1. Changes in Income on the income statement when Loss made from discontinued operations
2. Changes in Income on the income statement when Gain made on discontinued operations
Answer:
Q5
The following information in SAR. Prepare a Cash Flow Statement:- (3 Marks)
Opening Cash Balance
15,000
Closing Cash Balance
23,000
Increase in current liabilities
13,000
Decrease in current assets
17,000
Fixed assets purchase
30,000
Redemption of 12% bonds
14,000
Profit for the year
18,000
Depreciation
4000
Answer:
College of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 2/3/2024 @ 23:59
Course Name: Advanced Financial
Student’s Name:
Accounting
Course Code: ACCT 302
Student’s ID Number:
Semester: Second Semester
CRN: 24922
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name: Dr. Mohammed Arshad Khan
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.
1
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation
for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was
trading at $30 per share at the acquisition date.(3 marks)
Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring
Incorporation’s Journal.
Answer:
2
College of Administration and Finance Sciences
Q2. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses
($): (3 marks)
Legal fees
50,000
Accounting fees
20,000
Travel expenses
5,000
Legal fees (SEC)
40,000
Accounting fees (SEC)
10,000
SEC filing fees
15,000
Required: Prepare the journal entry to record the acquisition expenses.
Answer:
3
College of Administration and Finance Sciences
Q3. Z Incorporation acquired significant influence over Y Company by purchasing 100 percent
of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays
dividends of $10,000(4 marks)
Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using
Equity Method And Cost Method.
Answer:
4
College of Administration and Finance Sciences
Q4. Given the Following Information for 2023(5 marks)
Z owns 70% of Y
Y net income for 2023 is $150,000
Y declares dividends of $10,000 during 2023.
Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share.
Y beginning balance in Retained Earnings for 2023 is $50,000.
Required: Prepare Basic Elimination Entry Using Equity Method
Answer
5