1/On the table provided below an information that extracted from financial statements for K&M Inc.

for 2020.

Items Amounts in thousands of Saudi Riyal

Net income 150

Depreciation expense 10

Increase in accounts receivable 30

Decrease in inventory 20

Increase in accounts payable 15

Proceeds from sale of land 50

Gain on sale of land 5

Payment of dividends 25

Purchase of equipment on account 80

Proceeds from issuance of common stock 40

Cash, January 1, 2018 100

Required:

Prepare cash flow statement for K&M Inc. for 2020 using indirect method.

2/In year 2020, ABC company reported the following transactions.

May 1st, Purchased 10,500 shares of its own stock at $20 cash per share.

June 1st, Sold 3,000 shares of treasury stock for $25 per share.

July 1st, Sold 2,500 shares of treasury stock for $18 per share.

What are the journal entries required to record these transactions?

Leasehold could be defined as:

a. A lessee may pay for alterations or improvements to the leased property.

b. The right granted by a company or the government to deliver a product or service under specified conditions.

c. The exclusive right to publish and sell a musical, literary, or artistic work during the life of the creator plus 70 years.

d. The lessee contract with the lessor for the right to use a property in exchange for a series of scheduled payments over the

term of the lease.

3/Tawfiq Co. maintains a petty cash fund of SAR 500. The following summary information was taken

from petty cash vouchers for Jan 2015

.

Travel Expenses SAR 89.30

Customer Business Lunches SAR 29

Express Mail Postage SAR 43.60

Miscellaneous Office Supplies SAR 35.89

Prepare the journal entry to replenish the petty cash fund if the balance on Jan 31 was 304.21

Bond description

What is a bond? Identify and discuss the three different types of bonds from the following. (Secured,

unsecured, term, serial, registered, bearer, callable; and convertible)

Asset disposal

4/A company that uses a perpetual inventory system made the following cash purchases and sales for

the month of April 2021

date Inventory status # Units Cost of goods

April 1st Beginning inventory 20 @ 10$ each

April 5th Purchase 35 @ 12$ each

April 10th Sale 45 @ 22$ each

April 18th Purchase 25 @ 14$ each

April 29th Sale 35 @ 25$ each

Required:

Calculate ending inventory and cost of goods sold after each transaction assuming the company uses

LIFO inventory valuation method.

Patents give the owner the exclusive rights for:

a. Life of the innovator plus 70 years.

b. 10 years or less.

c. 20 years or more.

d. 20 years or less.

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