ACCT 302 Saudi Electronic University Financial Accounting Worksheet

Description

Assume that at January 1, 2011, the first day of the new fiscal period, the city council of Barb City approves the operating budget for the general fund, providing for $800,000 in revenue and $750,000 in expenditures. Approval of the budget provides the legal authority to levy the local property taxes and to appropriate resources for the expenditures. Record the transaction in journal.Discuss in detail the following areas covered under partnership agreement. (3 Marks) On Jan, 1 2014, Peter Corp. (a U.S. based company) formed a new subsidiary in Saudi Arabia, Saeed Inc., with an initial investment of 30,000 SAR. (4 Marks) (3 MARKS) Manner of sharing profits.Limitations on withdrawals.Rights of partners. Conflicts of interest. Assume Saeed Inc. Purchases inventory evenly throughout 2014. The ending inventory is purchased Nov. 30, 2014. Uses straight-line depreciation on fixed assets. Declares and pays dividends on Nov. 30, 2014. Purchased the fixed assets on April 1, 2014. Uses SAR as the functional currency. Exchange Rates are given: Jan 1, 20140.260 April 1, 20140.255 Nov. 30, 20140.240 Dec. 31, 20140.238 REQUIRED Prepare a schedule to Saeed’s financial statements on Dec. 31, 2014 to U.S. dollars.

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College of Administrative and Financial Sciences
Assignment 3
Deadline: (End of Week 12) 11/04/ 2020 @ 23:59
Course Name:
Advanced Financial Accounting
Student’s Name:
Course Code: ACCT 302
Student’s ID Number:
Semester: II
CRN: 21919
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name: Dr. Shahid Husain
Students’ Grade:
/10
Level of Marks:
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.
1. Assume that at January 1, 2011, the first day of the new fiscal period, the city
council of Barb City approves the operating budget for the general fund,
providing for $800,000 in revenue and $750,000 in expenditures. Approval of
the budget provides the legal authority to levy the local property taxes and to
appropriate resources for the expenditures. Record the transaction in journal.
(3 MARKS)
2. Discuss in detail the following areas covered under partnership agreement. (3
Marks)
• Manner of sharing profits.
• Limitations on withdrawals.
• Rights of partners.
• Conflicts of interest.
3. On Jan, 1 2014, Peter Corp. (a U.S. based company) formed a new subsidiary in
Saudi Arabia, Saeed Inc., with an initial investment of 30,000 SAR. (4 Marks)
Assume Saeed Inc. Purchases inventory evenly throughout 2014.
The ending inventory is purchased Nov. 30, 2014.
Uses straight-line depreciation on fixed assets.
Declares and pays dividends on Nov. 30, 2014.
Purchased the fixed assets on April 1, 2014.
Uses SAR as the functional currency.
Exchange Rates are given:
Jan 1, 2014
0.260
April 1, 2014
0.255
Nov. 30, 2014
0.240
Dec. 31, 2014
0.238
REQUIRED
Prepare a schedule to Saeed’s financial statements on Dec. 31, 2014 to U.S.
dollars.

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