Different Methods of Depreciation Questions Homework Help

Different Methods of Depreciation Questions Homework Help

 
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