define contingent liabilities and explain how they are accounted for

Assignment Question(S)                     (10.0 Marks

  1. Classify the following accounts into the tree sections of cash flow statement.(4 marks)
No. Account name Classifications into operations, investment and financing activities.
1 Inventory  
2 Accounts receivable  
3 Interest expense  
4 Fixed  assets  
5 Bonds issued  
6 Bonds purchased  
7 dividends  
8 Common stocks  
9 Accounts payable  
10 Loans from banks  
11 Income tax paid  
12 Sales  
13 Cost of goods sold  
14 Long term investments  
15 Notes relivable  

 

  1. On October 1, 2021, Ibrahim, Inc. issued 100,000 shares of SAR 5 par value stock for SAR 10per share.(2.0 marks)

Required: pass journal entry for this transaction.

  1. On January 31, a SAR 2 per share cash dividend is declared on Ibrahim, Inc.’s 10,000 common shares outstanding. The dividend will be paid on March 30 to stockholders of record on February 25.(2.0 marks)

Required: pass journal entry for this transaction.

  1. Define contingent liabilities and explain how they are accounted for.(2.0 marks)

 

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