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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.
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Accounting Question
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.
Principles of Financial Accounting ACCT2101 Clayton State
Accounting Assignment Help Good Morning, I am a student at Clayton State and I was told you are a great tutor. I wanted to know if you could assist me in completing Principles of Financial Accounting this semester and what would be the price range for assistants.
Financial Accounting (ACCT201)
Q1 Why do Corporations need financial reporting Standards? Explain the two major standard Setters
(2 Marks)
Q2. . What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made.
(2 Marks)
Answers to be judged by Instructor.
Q3. Fill in the blanks (1 Mark)
Sales Revenue
– Cost of goods sold
= Gross Profit
– Operating expenses
=Net Profit
500,000
?
175,000
?
76,500
?
305,800
?
115,750
65,250
Q4. a. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how to report them in the income statement. (1 Marks)
Answer:
b. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how wouldXYZ Co. present theinformation on the income statement, and if it has a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement
Prepare (2 Marks)
Changes in Net Income when Loss made from discontinued operations
Changes in Net Income when Gain made on discontinued operations
Answer
Q5
(MarksThe following information in SAR. Prepare a Cash Flow Statement:- (2
Opening Cash Balance15,000
Closing Cash Balance23,000
Increase in current liabilities13,000
Decrease in current assets17,000
Fixed assets purchase30,000
Redemption of 12% bonds14,000
Profit for the year18,000
Depreciation 4000.
NOTE: The solution should be my own and clear in details