ACCT 201 Fundamentals of Accounting I Assignment- Colorado Technical University
I. From the information given, prepare a statement of retained earnings.
ABC corporation had an initial investment of SAR50,000 cash and other information was as follows:
Accounts payable SAR12,000
Office furnishings SAR40,000
Accounts receivable 23,000
Dividends 6,000
Cash 17,200
Rent expense 3,600
Fees earned 30,000
Salaries expense 6,200
Notes payable 4,250
Telephone expense 250
II. Explain the pronouncements issued by IASB.
III. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments.
a. Estimated depreciation on office equipment for the year, SAR 2,000
b. The Prepaid Insurance account has a SAR 2,500 debit balance before adjustment. An examination of insurance policies shows SAR 350 of insurance expired
c. The Prepaid Insurance account has a SAR 1,400 debit balance before adjustment. An examination of insurance policies shows SAR 400 of unexpired insurance
d. The company has three office employees who each earn SAR200 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26 and have worked full days on Monday, Tuesday and Wednesday, December 29, 30 and 31.
IV. The adjusted trial balance of CHO company appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, a statement of financial position.
CHO company
Adjusted Trial Balance
December 31, 2018
Debit Credit
Cash SAR 4,400
Accounts Receivable 2,200
Office Supplies 1,800
Office Equipment 15,000
Accumulated Depreciation-Office Equipment SAR 4,000
Accounts Payable 3,800
Unearned Revenue 5,000
Share Capital-Ordinary 10,000
Retained Earnings 4,400
Dividends 2,500
Service Revenue 3,700
Office Supplies Expense 600
Depreciation Expense 2,500
Rent Expense 1,900
30,900 30,900
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.