ACCT 101 SEU Differences Between Current and Long Term Liabilities Discussion

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College of Administration and Finance Sciences
Assignment (3)
Deadline: Saturday 30/04/2022 @ 23:59
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/10
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.
College of Administration and Finance Sciences
Assignment Question(s):
(10 Marks)
Q1On your own words, describe the methods that companies can implement to depreciate plant assets.
(3 Marks).
Q2On July 31,2021, a company declared a cash dividend of SR0.25 per common share to the
shareholders of record on August 15. The cash dividend will be paid on August 25. This company
has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required
on July 31, August 15 and August 25 (3 Marks).
Q3On June 1, 2021, ABC Company signed a SR25,000, 120-day, 6% note payable to cover its past due
account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company’s general journal entry to record the issuance of the note payable
c. Prepare ABC Company’s general journal entry to record the payment of the note on
September 29, 2021 (3 marks).
Q4On your own words, describe the differences between current and long-term liabilities. Provide an
example of each type. (1 Mark).

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Tags:
accounting

depreciation

Liabilities

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