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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

2. 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.

Answer:

3. 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.

Answer:

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

Answer: