By: M.

D
Assignment Solutions
 Question (1):
‫حاول فى السؤال ده تكتب بأسلوبك‬
1-

2-

 Question (2):
1 B 7 A
2 B 8 C
3 B 9 C
4 C 10 B
5 B 11 D
6 C 12 B

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By: M.D
 Question (3):
Problem (1):
A.
Date Explanation Debit Credit
Cash (50,000 X $64) 3,200,000
Jan 18, Share capital – Ordinary 1,000,000
Share Premium - Ordinary 2,200,000
Treasury Stock (25,000 X $52) 1,300,000
Aug 20,
Cash 1,300,000
Cash (9000 X $56) 504,000
Nov 5, Treasury Stock (9000 X $52) 468,000
Share Premium - Treasury 36,000

B.
Fairly Corporation
Statement of Financial Position (partial)
At, December 31,2020
Equity
Share Capital – Ordinary , $20 Par value, $6,000,000
400,000 shares authorized, 300,000 shares issued
, and 284,000 shares outstanding.
Share Premium – Ordinary 4,600,000
Share Premium –Treasury 36,000
$10,636,000
Retained Earnings 1,200,000
Less: Treasury Shares (At Cost) (832,000)
Total Equity $11,00,4000

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By: M.D

Problem (2):

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By: M.D

Problem (3):
Date Explanation Debit Credit
Accumulated Depreciation - Equipment 35,000
1 Depreciation Expense 35,000
( To record the correct amount of factory equipment
depreciation)
Telephone bill expense 2500
2 Interest Expense
(To correct interest expense account)
2500
Cash Dividends payable 110,000
3 Cash 110,000
( To record the payment of dividends to shareholders)

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