Principles of Accounting
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- , Omar Co. purchased a machine for 480,000 SAR cash. The machine is expected to produce 2,500,000 units during its useful life and has an estimated salvage value of 80,000 SAR. (3 Marks)
- STC has declared on 23th January to pay 2 SAR per share as cash dividend. Note, STC has 3,000,000 common shares. The dividend will be paid on 28 February to stockholders of record on January 29.
Assume that:
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Order Paper Now- In 2016, Omar Co. produced 600,000 units
- In 2017, 700,000 units were produced.
- In 2018, 500,000 units were produced.
- In 2019, 300,000 units were produced.
- In 2020, the factory was closed for maintenance reasons.
- In 2021, 400,000 units were produced.
Calculate the following: (4 Marks) (draw a table)
- The amount of depreciation expense in those years?
- The amount of accumulated depreciation?
- The amount of book value in these years?
Answer:
- Journalize the required entries? (2 Marks)
Answer:
3. Below is financial information extracted from financial statements for KHLED Inc. for 2016.
|
items |
Amounts in thousands of Saudi Riyal |
|
Net in come |
200 |
|
Depreciation expense |
15 |
|
Increase in accounts receivable |
35 |
|
Decrease in inventory |
30 |
|
Increase in accounts payable |
20 |
|
Proceeds from sale of land |
50 |
|
Purchases of equipment |
20 |
|
Proceeds from issuance of common stock |
40 |
|
Cash dividends |
5 |
|
Cash, January 1, 2016 |
100 |
Required: Prepare cash flow statement for KHALED Inc. for 2016 using indirect method.
