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Q1. A 90-day note issued on May 1st will be matured on which one of...

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Accounting

Q1. A 90-day note issued on May 1st will be matured on which one of the following date?

  1. July 30
  2. July 20
  3. July 10
  4. July 05

Q2. The cost of a tract of land that contains ore is estimated to be SAR 150,000 with an estimate of 50,000 tons of ore as total units of capacity. What will be the depletion expense if first year total 10,000 tons are extracted and sold?

  1. SAR 40,000
  2. SAR 30,000
  3. SAR 25,000
  4. SAR 45,000

Q3. ADL Company receives a 8%, 90-day note for SAR 10,000. The total interest due on the maturity date will be:

  1. SAR 200
  2. SAR 300
  3. SAR 400
  4. SAR 150

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