Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. abdulaziz co. purchased a machine in 2013 for s

1. Abdulaziz Co. purchased a machine in 2013 for SAR 50,000 that has a useful...

90.2K

Verified Solution

Question

Accounting

1. Abdulaziz Co. purchased a machine in 2013 for SAR 50,000 that has a useful life of 5 years with a salvage value of SAR 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method (5 Marks). Q2- On June 1, 2019, ABC Company signed a SAR 25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019. Q3- Assume that you have a company. The management estimates that 2.5% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students