حل واجب BE210 للتواصل واتس مع مهندس احمد

Academic Year: 2019/20 Semester: SPRING 4 pages 1. Program: BA in Business Studies 2. Track: Accounting 3. Course Code: BE210 (BE210/4) 4. Course Title: Introduction to Financial Accounting 5. General Course Coordinator, GCC: Dr. Hany Elzahar 6. Cut-off date: To be determined and announced by Dean’ office. 7. TMA Grade Distribution: Criteria Q1 Content Deductions: Format & Presentation; Referencing; Word count and E-library 1 0 each ; in total maximum deductions 0 4 Total Marks 8 Essay Questions Q2 and Q3 Accounting Problems 12 Question 1: (8 marks) The goal of accounting is to provide useful information for decisions.Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [3 marks]. b) The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users. [5 marks]. Question 2: (6 marks) 1- Arab Delivery Service, Inc. completed the following transactions during January, 2019: a. Shareholders invested in the business $30,000 cash and a delivery truck valued at $36,000 in exchange for common stock. b. Purchased supplies for $1,500 cash. c. Paid $2,750 for a one-year insurance policy, effective January1. d. Performed delivery services for a customer and received $2,000 cash. e. Completed a large delivery job for a customer on account for $7,500. f. Paid $5,000 for employee salaries. g. Performed delivery services for customers and received $55,000 cash. h. Collected $2,500 in advance for delivery service to be performed later. i. Collected $3,500 cash from a customer on account. j. Purchased fuel for the truck, paying $1,800 with a company credit card (Credit accounts payable). k. Performed delivery services on account, $4,750. l. Paid office rent $1,200. m. Paid $1,000 for accounts payable. n. Paid cash dividends of $9,000. Requirements: Record each transaction in the journal. Key each transaction by its letter (Explanations are not required). [3.5 marks] 2- On August 1, Youssef established Wolf Company that provides driving lessons, by investing $90,000 cash in the business. Following are the assets and liabilities of the company on August 31, 2019, and the revenues and expenses for the month of August. Cash $ 11,200- Notes Payable $60,000 -Accounts Receivable 14,400- Rent Expense 2,400 - Equipment 128,000- Repair Expense 800- Lesson Revenue 15,000 -Fuel Expense 5,000 -Advertising Expense 1,000- Insurance Expense 800- Accounts Payable 1,600 Youssef did not make any other investment in August, but he withdrew $3,000 in cash for personal use. Required Prepare income statement for the month ended August 31, 2019. (2.5 marks) Question 3: (6 marks) A. Using the following information, prepare a classified balance sheet for ABC Company as at 31 December, 2019: Inventories $30,000 Plant and equipment $60,000 Short-term borrowings $10,000 Trade payables $40,000 Long-term borrowings $124 ,000 Property $150,000 Motor Vehicle $30,000 Trade receivables $45,000 Cash $10,000 Equity at Dec 31, 2014 $151,000 Drawings $15,000 Profit $15,000 Determine: 1- Non-current Assets 2- Current Assets 3- Non-current Liabilities 4- Current Liabilities 5- Total Equity 6- Total Assets End of TMA Questions Good Luck

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