会计专业英语题目.docx
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会计专业英语题目
✐QUESTION9.10
Shouldthisbeaworkedexample?
?
?
ThefollowingstatementshavebeenprovidedfromtheannualreportsforPremierProductsLtd.Balancedateis31December2010.
PremierProductsLtdBalanceSheetasat31December2010
2010
2009
Assets
$
$
CurrentAssets
Inventory
433,125
288,750
AccountsReceivable
115,000
124,000
AllowanceforDoubtfulDebts
（2,545）
（2,480）
CashatBank
10,250
5,372
Property,PlantandEquipment
LandandBuildings
360,000
265,000
AccumulatedDepreciation-LandandBuildings
（7,800）
（5,600）
MotorVehicles
25,100
18,200
AccumulatedDepreciation-MotorVehicles
（9,750）
（6,680）
OfficeEquipment
20,000
14,500
AccumulatedDepreciation-OfficeEquipment
（8,425）
（8,020）
Investments
SharesinOtherCompanies
9,375
9,375
TotalAssets
944,330
702,417
LiabilitiesandEquity
Liabilities
CurrentLiabilities
AccountsPayable
71,835
61,030
IncomeTaxPayable
10,200
9,200
AccruedWages
10,550
8,500
AccruedInterestExpense
1,000
1,500
Non-CurrentLiabilities
Loan
50,000
95,000
Equity
IssuedandPaidupCapital
265,000
235,000
RetainedEarnings
440,745
292,187
LandandBuildingRevaluationReserve
95,000
-
TotalLiabilities&Shareholders’Equity
944,330
702,417
PremiumProductsLtdIncomeStatementfortheyearended31December2010
$
$
Sales
1,472,501
Less:
CostofGoodsSold
972,528
GrossProfit
499,973
DividendsReceived
2,250
502,223
Less:
Expenses
Depreciation
7,375
Advertising
42,750
AuditFees
9,000
DiscountAllowed
2,100
DoubtfulDebts
65
PrintingandPostage
1,050
Wages
167,700
LossonsaleofOfficeEquipment
100
OtherOperatingExpenses
6,025
TotalExpenses
236,165
NetProfitbeforeInterestandTax
266,058
lessInterestExpense
15,000
251,058
lessTaxation
65,000
ProfitafterTax
186,058
Additionalinformation:
OfficeEquipmentwassoldfor$13,200duringtheyear.Therewerenoothersalesofproperty,plantandequipment.
Required:
1.PreparetheStatementofCashFlowforPremierProductsLimitedfortheyearended31December2010.Allworkingsmustbeshown.[Note:
IgnoreGSTimplications.]
2.IntheProperty,PlantandEquipmentsectionoftheBalanceSheet,anincreaseof$5,500isshowninthevalueofOfficeEquipment.ExplainthechangestotheOfficeEquipmentaccountthathaveprobablytakenplaceduringtheyear.
3.InstudyingthefinancialstatementsforPremierProductsLtdtheownernoticedthatthetotalequityhasincreasedsubstantially.Whilesheispleasedwiththisresult,sheisconcernedthatthebusinesshasmadeonlyaslightimprovementinitscashposition.Explaintotheownerthechangeintotalequity,detailingwhythishasnotresultedinacorrespondingincreaseinthecashbalance.Supportyouranswerwithappropriatecalculations.
PremiumProductsLtdStatementofCashFlowfortheyearended
31December2010
$
$
Cashflowsfromoperatingactivities
Cashwasprovidedfrom:
Receiptsfromcustomers
DividendsReceived
Cashwasappliedto:
Paymentstosuppliers
Otherexpensespaid
Interestpaid
Incometaxpaid
Netcashinflowsfromoperatingactivities
Cashflowsfrominvestingactivities
Cashwasprovidedfrom:
SaleofOfficeEquipment
Cashwasappliedto:
PurchaseofOfficeEquipment
PurchaseofMotorVehicles
Netcashoutflowfrominvestingactivities
Cashflowsfromfinancingactivities
Cashwasprovidedfrom:
IssueofShares
Cashwasappliedto:
Repaymentofmortgage
Dividendpaid
Netcashinflowsfromfinancingactivities
Netincreaseincashheld
Addcashatstartofyear
Balanceatendofyear
WORKINGS
Ledger
AccountsReceivable
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
Inventory
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
AccountsPayable
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
AccruedInterestExpense
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
IncomeTaxPayable
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
OfficeEquipment
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
Accumulateddepreciation-OfficeEquipment
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
Disposal-OfficeEquipment
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
RetainedEarnings
Date
Particulars
Ref
Amount
Date
Particulars
Ref
Amount
1.
CashfromOperatingExpenses
2.
3.
QUESTION9.11
TheIncomeStatementandBalanceSheetofBetterBookstoresappearsbelow.
BetterBooksIncomeStatementfortheyearended31December2010
$’000$’000$’000
Sales$175,000
Totalrevenue$175,000
LessCostofSales126,300
GrossProfit48,700
Lessexpenses
Otherexpenses17,000
Interestexpense1,500
Baddebts2,000
Depreciationexpense3,000
LossonSaleofAssets2,00025,500
Netprofitbeforetax23,200
Taxexpense7,000
Netprofitaftertax$16,200
BetterBooksBalanceSheetasat31December2010
20102009
$’000$’000
CurrentAssets
AccountsReceivable43,50063,000
Inventory63,00055,000
Prepayments2,0002,000
108,500120,000
NonCurrentAssets
Property,Plant&Equipment84,00082,000
Less:
AccumulatedDepreciation16,00023,000
68,00059,000
TotalAssets176,500179,000
CurrentLiabilities
Bankoverdraft6,50010,000
AccountsPayable34,00031,000
40,50041,000
NonCurrentLiabilites
Termloan30,00015,000
Equity
Capital60,00060,000
Retainedearnings46,00063,000
106,000123,000
TotalLiabilitiesandEquity176,500179,000
AdditionalInformation
∙Property,PlantandEquipmentof$17,000,000waspurchasedduringtheyear.
∙Accumulateddepreciationontheassetsoldwas$10,000,000.
REQUIRED:
PrepareaStatementofCashFlowfortheyearended31December2010.Showallworkings.
OutofClassExercises
9.12ThefollowinginformationhasbeenextractedfromLoweDairyProductsCompany’sBalanceSheetandIncomeStatementfortheyearsended31March2005and31March2006.
20052006
Sales$689,000$785,000
CostofGoodsSold470,000534,000
GrossProfit219,000251,000
WagesExpense57,00090,000
Rentexpense46,00060,000
Interestexpense18,00032,000
Incometaxexpense20,00026,000
Depreciationexpense6,0008,000
Lossondisposalofequipment-7,000
Gainonsaleoflong-terminvestments-（12,000）
Dividends10,00013,000
Profit63,00027,000
Non-CurrentAssets,atcost
Land207,000257,000
Plant&Equipment215,000198,000
AccumulatedDepreciation61,00060,000
Long-termInvestments33,00025,000
CurrentAssets
Cash41,00036,000
PrepaidAsset–Rent25,00028,000
AccountsReceivable49,00073,000
Inventory102,000114,000
CurrentLiabilities
AccountsPayable41,00057,000
InterestPayable20,50022,000
IncomeTaxPayable23,50020,000
WagesPayable25,00024,000
Non-CurrentLiabilities
Long-termloan240,000250,000
IssuedOrdinaryCapital205,000215,000
RetainedEarnings56,00083,000
Note:
Purchasedlandfor$50,000cash,soldlong-terminvestmentscosting$8,000forcash$20,000,andpurchasedplantduringtheyearfor$5,000.
Required:
（a）PrepareaStatementofCashFlow（ignoreGSTimplications）.
（b）Prepareanoteofreconciliationfortheoperatingactivitiesusingtheindirectmethod.
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