I don’t know how to handle this Accounting question and need guidance.

Q1. Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples

Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below:

Attachment

Required: Prepare the five adjusting entries required at December 31, 2013.

Q3. From the following information of NaNo Company prepare a multi-step income statement For the Year Ended December 31, 2019

College of Administrative and Financial Sciences

Assignment 1

Deadline: (end of week 6)10/10/2020 @ 23:59

Course Name:Financial accounting	Student’s Name:
Course Code: ACCT 201	Student’s ID Number:
Semester: II	CRN:
Academic Year: 1441/1442 H

For Instructor’s Use only

Instructor’s Name:
Students’ Grade:  ……/5	Level of Marks: High/Middle/Low

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 usingTimes 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):                                                     (Marks.5)

Q1.Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples. (1 mark)

Answer:

Q2.Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below:(2 mark)

Smith Corporation Trial Balance December 31, 2013
	Unadjusted	Adjusted
Debit	Credit	Debit	Credit
Cash Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense	8,000 19,000 6,000 10,000 13,000 20,000         4,000   12,000 4,000 0 4,000 0 0	4,000 13,000 0 46,000   37,000	8,000 21,000 5,000 6,000 13,000 20,000         4,000   13,000 4,000 4,000 4,000 1,000 1,000	5,000 13,000 1,000 46,000   39,000
	100,000	100,000	104,000	104,000

Required: Prepare the five adjusting entries required at December 31, 2013.

Answer:

Q3.From the following information of NaNo Company prepare a multi-step income statement For the Year Ended December 31, 2019(2 marks)

Sales                                $137,460    

 Sales Returns       $2,060      

 Sales Discounts           $5,190           

 Cost of Goods Sold     $62,990        

 Freight-Out                   $6,150         

Advertising Expense   $5,790

Sales Commissions Expense   $3,470

Office Salaries Expense          $18,510          

Office Rent Expense  $14,000          

Office Supplies Expense         $5,330            

Gains on Sale Equipment        $2,430

 Loss on Sales of Investments            $1,640

 Interest Expense        $930   

Answer: