会计专业英语题目.docx

1、会计专业英语题目 QUESTION 9.10Should this be a worked example?The following statements have been provided from the annual reports for Premier Products Ltd. Balance date is 31 December 2010. Premier Products Ltd Balance Sheet as at 31 December 201020102009Assets$Current AssetsInventory433,125288,750Accounts

2、Receivable 115,000124,000Allowance for Doubtful Debts(2,545)(2,480)Cash at Bank10,2505,372Property, Plant and EquipmentLand and Buildings360,000265,000Accumulated Depreciation - Land and Buildings (7,800)(5,600)Motor Vehicles25,10018,200Accumulated Depreciation - Motor Vehicles(9,750)(6,680)Office E

3、quipment20,00014,500Accumulated Depreciation - Office Equipment(8,425)(8,020)InvestmentsShares in Other Companies9,3759,375Total Assets944,330702,417Liabilities and EquityLiabilitiesCurrent LiabilitiesAccounts Payable 71,83561,030Income Tax Payable10,2009,200Accrued Wages10,5508,500Accrued Interest

4、Expense1,0001,500Non-Current LiabilitiesLoan50,00095,000EquityIssued and Paid up Capital265,000235,000Retained Earnings440,745292,187Land and Building Revaluation Reserve95,000-Total Liabilities & Shareholders Equity944,330702,417Premium Products Ltd Income Statement for the year ended 31 December 2

5、010$Sales1,472,501Less: Cost of Goods Sold972,528Gross Profit499,973Dividends Received2,250502,223Less: ExpensesDepreciation 7,375Advertising42,750Audit Fees9,000Discount Allowed2,100Doubtful Debts65Printing and Postage1,050Wages167,700Loss on sale of Office Equipment100Other Operating Expenses6,025

6、Total Expenses236,165Net Profit before Interest and Tax266,058less Interest Expense15,000251,058less Taxation65,000Profit after Tax186,058Additional information:Office Equipment was sold for $13,200 during the year. There were no other sales of property, plant and equipment.Required:1. Prepare the S

7、tatement of Cash Flow for Premier Products Limited for the year ended 31 December 2010. All workings must be shown. Note: Ignore GST implications.2. In the Property, Plant and Equipment section of the Balance Sheet, an increase of $5,500 is shown in the value of Office Equipment. Explain the changes

8、 to the Office Equipment account that have probably taken place during the year.3. In studying the financial statements for Premier Products Ltd the owner noticed that the total equity has increased substantially. While she is pleased with this result, she is concerned that the business has made onl

9、y a slight improvement in its cash position. Explain to the owner the change in total equity, detailing why this has not resulted in a corresponding increase in the cash balance. Support your answer with appropriate calculations.Premium Products Ltd Statement of Cash Flow for the year ended 31 Decem

10、ber 2010$Cash flows from operating activitiesCash was provided from:Receipts from customersDividends ReceivedCash was applied to:Payments to suppliersOther expenses paidInterest paidIncome tax paidNet cash inflows from operating activitiesCash flows from investing activitiesCash was provided from:Sa

11、le of Office EquipmentCash was applied to:Purchase of Office EquipmentPurchase of Motor VehiclesNet cash outflow from investing activitiesCash flows from financing activitiesCash was provided from:Issue of SharesCash was applied to:Repayment of mortgageDividend paidNet cash inflows from financing ac

12、tivitiesNet increase in cash heldAdd cash at start of yearBalance at end of year WORKINGSLedgerAccounts ReceivableDateParticularsRefAmountDateParticularsRefAmountInventoryDateParticularsRefAmountDateParticularsRefAmountAccounts Payable DateParticularsRefAmountDateParticularsRefAmountAccrued Interest

13、 ExpenseDateParticularsRefAmountDateParticularsRefAmountIncome Tax PayableDateParticularsRefAmountDateParticularsRefAmountOffice EquipmentDateParticularsRefAmountDateParticularsRefAmountAccumulated depreciation - Office EquipmentDateParticularsRefAmountDateParticularsRefAmountDisposal - Office Equip

14、mentDateParticularsRefAmountDateParticularsRefAmountRetained EarningsDateParticularsRefAmountDateParticularsRefAmount1.Cash from Operating Expenses2.3.QUESTION 9.11The Income Statement and Balance Sheet of Better Bookstores appears below.Better Books Income Statement for the year ended 31 December 2

15、010 $000 $000 $000Sales $175,000Total revenue $175,000Less Cost of Sales 126,300Gross Profit 48,700Less expensesOther expenses 17,000Interest expense 1,500Bad debts 2,000Depreciation expense 3,000Loss on Sale of Assets 2,000 25,500 Net profit before tax 23,200 Tax expense 7,000 Net profit after tax

16、$16,200Better Books Balance Sheet as at 31 December 2010 2010 2009 $000 $000Current Assets Accounts Receivable 43,500 63,000Inventory 63,000 55,000Prepayments 2,000 2,000 108,500 120,000Non Current AssetsProperty, Plant & Equipment 84,000 82,000 Less:Accumulated Depreciation 16,000 23,000 68,000 59,

17、000Total Assets 176,500 179,000Current Liabilities Bank overdraft 6,500 10,000Accounts Payable 34,000 31,000 40,500 41,000Non Current Liabilites Term loan 30,000 15,000EquityCapital 60,000 60,000Retained earnings 46,000 63,000 106,000 123,000Total Liabilities and Equity 176,500 179,000Additional Inf

18、ormation Property, Plant and Equipment of $17,000,000 was purchased during the year. Accumulated depreciation on the asset sold was $10,000,000. REQUIRED:Prepare a Statement of Cash Flow for the year ended 31 December 2010. Show all workings.Out of Class Exercises9.12 The following information has b

19、een extracted from Lowe Dairy Products Companys Balance Sheet and Income Statement for the years ended 31 March 2005 and 31 March 2006. 2005 2006Sales $689,000 $785,000Cost of Goods Sold 470,000 534,000Gross Profit 219,000 251,000Wages Expense 57,000 90,000Rent expense 46,000 60,000Interest expense

20、18,000 32,000Income tax expense 20,000 26,000Depreciation expense 6,000 8,000Loss on disposal of equipment - 7,000Gain on sale of long-term investments - (12,000)Dividends 10,000 13,000Profit 63,000 27,000Non-Current Assets, at cost Land 207,000 257,000 Plant & Equipment 215,000 198,000 Accumulated

21、Depreciation 61,000 60,000 Long-term Investments 33,000 25,000Current Assets Cash 41,000 36,000 Prepaid Asset Rent 25,000 28,000 Accounts Receivable 49,000 73,000 Inventory 102,000 114,000Current Liabilities Accounts Payable 41,000 57,000 Interest Payable 20,500 22,000 Income Tax Payable 23,500 20,0

22、00 Wages Payable 25,000 24,000Non-Current Liabilities Long-term loan 240,000 250,000Issued Ordinary Capital 205,000 215,000Retained Earnings 56,000 83,000Note: Purchased land for $50,000 cash, sold long-term investments costing $8,000 for cash $20,000, and purchased plant during the year for $5,000.Required:(a) Prepare a Statement of Cash Flow (ignore GST implications).(b) Prepare a note of reconciliation for the operating activities using the indirect method.