• October 7th, 2018

Finance

Paper , Order, or Assignment Requirements

Q1. Presented below is financial information related to AbdallahCompany:
(2.5 marks)

Revenue SAR950,000
Income from continuing operations 120,000
Comprehensive income 140,000
Net income 105,000
Income from operations 260,000
Selling and administrative expenses 600,000
Income before income tax 240,000

Compute the following:(a) other income and expense, (b) financing costs,(c) income tax, (d) discontinued operations, and (e) other comprehensive income.

Answer to Q1:

Q2. The following accounts are for XYZ Company on December 31st. Prepare a multi-step income statement for the year ended December 31st. ( 3marks)
Sales SAR615,000
Administrative expense 28,400
Prepaid expense 11,000
Selling expenses 42,000
Accounts receivable 25,000
Gain on sale of land 8,000
Dividends paid 22,000
Unearned revenue 6,000
Research & development expense 84,000
Gain from early repayment of debt 30,000
Issuance of common stock 150,000
Accrued expenses 17,000
Cost of goods sold 252,900
Interest expense 12,500
Rent income 7,000
Unusual Loss 14,000
Answer to Q2:

Q3.Calculate cash flow from operating activities from the following data:(2.5marks)
*Profits made during the year SAR. 145,000 after considering the following items:

Amortization of Goodwill 3,000
Depreciation of Fixed Assets 17,000
Loss on Sale of Fixed Assets 2,500
Transfer to General Reserve 15,000

The following is the position of current assets and current liabilities:
Particulars 31.3.07
31.3.08
Creditors
Debtors
Prepaid Expenses
Bills Payable 12,000
16,200
250
5,000 8,200
12,000
750
7,000

Answer to Q3:

Q4. Prepare balance sheet in proper form for Golden Tulip hotel Service from the following list of the accounts at November 30 2016:(2 marks)
Accounts receivable $10,000
Accounts payable 18,000
Building 28,000
Common stock 30,000
Cash 8,000
Notes payable 45,000
Office equipment 12,000
Retained earnings ?
Trucks 55,000

Answer to Q4:

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