Question

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Q1. Discuss in your words the purpose of a bank reconciliation. (1 point)

Q2. Prepare general journal entries for the following transactions of this company for the current year: (2 points).

Apr. 25

Sold SAR 4,500 of merchandise to CBC Corp., receiving a 10%, 60-day, SAR 4,500 note receivable.

June 24

The note of CBC Corp., received on April 25 was dishonored.

Q3. A company purchased mining property containing 7,350,000 tons of ore for SAR 1,837,500. In 2009 it mined and sold 857,000 tons of ore and in 2010 it mined and sold 943,000 tons of ore. (2 points).

a. Calculate the depletion expense for 2009 and 2010.

b. What was the book value of the property at the end of 2010?

Q4. Define liabilities and explain in your words the differences between current and long-term liabilities. (2 points).

Answer 1

Answer 3.

Depletion per ton = SAR 1,837,500/7,350,000 tons = SAR 0.25 per ton

A. Depletion expense for 2009 = 857,000 x SAR 0.25 = SAR 214,250

Depletion expense for 2010 = 943,000 x SAR 0.25 = SAR 235,750

B. Book value of the property at the end of 2010 = SAR 1,837,500 – SAR 214,250 – SAR 235,750 = SAR 1,387,500

Answer 4.

Liabilities can be termed as debts which is to be paid by business. Current liabilities are those which can be paid within a year and long term are those which are payable in more than one year.

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