homework1 acct 510

there are few question attached, I need the homework by tomorrow or before if possible

College of Business & Finance
Department of Accounting Finance and Banking
Financial Accounting (ACCT 510)
First Semester 2024/2025
Instructors: Dr. Abdalmuttaleb
Type of Exam: GH1
Student Name: ————————————
Student ID Number: ——————–
Section Number: ———————————
Due Date:
Instructions – Please read carefully!
1. Write your name, student ID number and section number at the top of this cover sheet.
2. The assignment consists of 5 pages including the cover page and 2 questions.
3. Answer the following questions and upload it as Word file through Turnitin assignment
submission in Moodle.
4. The last day of submission is 8th November 2024..
Questions
ILOS
Q1
Q2
A1, B1,
C1, D1
10
5
Maximum points
Points Earned
0
Total
15
Question 1: (10 Points): A1, B1
Part 1 : Use the basic accounting equation to analyze the following transaction:
Beginning balance: Equipment $90,000, Cash $50,000, Account payable $60,000, Capital
$80,000.
1- The owner invested additionally $50,000 cash.
2- The company paid $50,000 from account payable balance.
3- The company Received $90,000 cash from the customer for services provided.
4- The company paid $10,000 cash for office rent.
5- The owner draws $4,000 for personal use.
Date
Asset
=
Liabilities
1
+
Owner’s Equity
Date
Asset
Owners’ Equity
= Liabilities
+
Accounts
Balance
Total
2
Part 2: Multiple -choices:
1. Lancaster Company ended the year with owner’s equity of $175,000 and recorded Note
payable of 20,000 $. Therefore, Lancaster Company’s Assets are:
a. 155,000 $
b. 20,000 $
c. 195,00 $
2. Who are not considered external users of accounting data?
a. Management, Human Resources, and Finance
b. Investors and Creditors
c. None of the above
3.
Lofi began the Rogar Company by investing $30,000 of cash in the business. The company
recorded revenues of $185,000 and expenses of $160,000, also had an owner drawing of
$10,000. What was Rogar’s net income for the year?
a.
b.
c.
d.
$15,000
$35,000
$25,000
$45,000
4. The accounting process is correctly sequenced as:
a. Identification, communication, and recording.
b. Recording, communication, identification.
c. Identification, recording, and communication.
d. Communication, recording, identification.
3
Question 2: (5 Points): C1, D1
Jimmy firm is a full-service law firm engaged in the practice of the major fields of Law.
The following accounts were extracted from Jimmy Law Firm’s trial balance on 31,
December 2022.
Service Revenue
$50,340
Sale Revenue
$47,500
Cash
$100,000
Accounts Receivable
$40,000
Drawings
$5,000
Salaries Expense
$10,000
Rent Expense
$ 500
Advertising Expense
$100
Additional Investment
$10,750
Beginning balance of capital
$70,000
Insurance Expense
$5,000
Accounts Payable
$18,000
Computers
$ 5,200
Supplies
$ 3, 364
Equipment
$125,000
Maintenance expenses
$150
Land
350,000
Instruction: prepare the following
1. Statement of Income
2. The owner’s equity statement
3. Assets of Jimmy’s
4