accounting exercise

FINANCIAL ACCOUNTING
Requirements: ENOUGH TO GET FULL MARK
College of Administrative and Financial Sciences
Assignment 2
Deadline: (end of week 11) 18 /02/ 2023 @ 23:59
For Instructors Use only
Instructions ? PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.

Assignment Question(s):

Q1. Long-lived tangible asset are associated with either depreciations, impairments or depletions. Explain why companies revalue such assets on an annual basis, and give examples on depreciations, impairments and depletions.
( 5 marks)
Q2. Karim Inc., which owes Habib Co. SAR 900,000 in notes payable, is in financial difficulty. To eliminate the debt, Habib agrees to accept from Karim land having a fair value of SAR 610,000 and a recorded cost of SAR 450,000.
(a) Compute the amount of gain or loss to Karim, Inc. on the transfer (disposition) of the land.
(b) Compute the amount of gain or loss to Karim, Inc. on the settlement of the debt.
(c) Prepare the journal entry on Karim ‘s books to record the settlement of this debt
( 5 marks)
Q3. ABC Co. owes SAR 433,000 to XYZ Inc. The debt is a 10-year, 11% note. Because ABC Co. is in financial trouble,XYZ Inc. agrees to accept some property and cancel the entire debt. The property has a book value of SAR 150,000 and a fair value of SAR 230,000. Prepare the journal entry on ABC ‘s books for debt settlement. (2 mark)
Q4. List and describe the types of intangible assets and illustrate with examples. (3 mark)

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