Accounting Question
College of Administration and Finance Sciences Assignment (1) Deadline: Saturday 2/3/2024 @ 23:59 Course Name: Advanced Financial Accounting Student’s Name: Course Code: ACCT 302 Student’s ID Number: Semester: Second Semester CRN: Academic Year: 1445 H For Instructor’s Use only Instructor’s Name: Dr. Shahid Husain Students’ Grade: /15 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. 1 College of Administration and Finance Sciences Assignment Question(s): (Marks 15) Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was trading at $30 per share at the acquisition date.(3 marks) Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporation’s Journal. Answer: 2 College of Administration and Finance Sciences Q2. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses ($): (3 marks) Legal fees 50,000 Accounting fees 20,000 Travel expenses 5,000 Legal fees (SEC) 40,000 Accounting fees (SEC) 10,000 SEC filing fees 15,000 Required: Prepare the journal entry to record the acquisition expenses. Answer: 3 College of Administration and Finance Sciences Q3. Z Incorporation acquired significant influence over Y Company by purchasing 100 percent of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays dividends of $10,000(4 marks) Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using Equity Method And Cost Method. Answer: 4 College of Administration and Finance Sciences Q4. Given the Following Information for 2023(5 marks) Z owns 70% of Y Y net income for 2023 is $150,000 Y declares dividends of $10,000 during 2023. Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share. Y beginning balance in Retained Earnings for 2023 is $50,000. Required: Prepare Basic Elimination Entry Using Equity Method Answer 5
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
