Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using
Assignment Question(s): (10 Marks)
Q1–
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000.
Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using:
1- Straight-line Method.
2- Units of Production Method if the machine produces 100,000 units.
Here is a table of units produced each year:
First | Second | Third | Fourth | Fifth |
23,000 | 25,000 | – | 30,000 | 22,000 |
3- Double Declining Balance Method (2.5 Marks).
Q2–
On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company’s general journal entry to record the issuance of the note payable
c. Prepare ABC Company’s general journal entry to record the payment of the note on
September 29, 2019 (2.5 marks).
Q3.
What are the characteristics of corporations (2.5 mark).
Q4.
On July 31, a company declared a cash dividend of $0.25 per common share to the shareholders of record on August 15. The cash dividend will be paid on August 25. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare

We've got everything to become your favourite writing service
Money back guarantee
Your money is safe. Even if we fail to satisfy your expectations, you can always request a refund and get your money back.
Confidentiality
We don’t share your private information with anyone. What happens on our website stays on our website.
Our service is legit
We provide you with a sample paper on the topic you need, and this kind of academic assistance is perfectly legitimate.
Get a plagiarism-free paper
We check every paper with our plagiarism-detection software, so you get a unique paper written for your particular purposes.
We can help with urgent tasks
Need a paper tomorrow? We can write it even while you’re sleeping. Place an order now and get your paper in 8 hours.
Pay a fair price
Our prices depend on urgency. If you want a cheap essay, place your order in advance. Our prices start from $11 per page.