FINANCE

PRINCIPLES OF ACCOUNTING

ACCT 101

Name of the Student Student ID
CRN Student Grade
Assignment 3 Marks /10
Course Title Principles of Accounting Code ACCT 101
Uploading End week 12 Submission End week 13
Date Sat 30/03/2019 Dates Sat 06/04/2019

Instructions:

· The answer must be in English.

· Students must include your details (Name, Student ID, CRN, Date of submission)

· Answer the ALL questions.

· Assignments should be submitted in MS Word format

· Font should be Times New Roman with 14 points.

· You are required to work in this assignment individually.

· You should submit the assignment via the Blackboard.

· Students who submit assignments after deadline, will get ZERO.

· If you engaged in plagiarism, you will get ZERO marks in the assignment or course.

1. On January 24th, 2018, SABIC’s Board of Directors declared to distribute 6 SR per share as cash dividends. SABIC has 3,000,000 common shares outstanding. The dividend will be paid on February 25th to stockholders of record on February 1st.

· What are the required entries for this transaction.

1. On September 26th, 2018, Mobily purchased 700,000 of its own shares of stock in the open market for 34 SR per share. Then on November 17th, 2018 sold 200,000 shares for 23 SR per share.

1. Talk briefly about the sections of statement of cash flows.

 

Question 2

Wilco Corporation has the following account balances at December 31, 2014.

Common stock, $5 par value $510,000
Treasury stock 90,000
Retained earnings 2,340,000
Paid-in capital in excess of par—common stock 1,320,000

Prepare Wilco’s December 31, 2014, stockholders’ equity section. (Enter account name only and do not provide descriptive information.)

WILCO CORPORATION Stockholders’ Equity December 31, 2014

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