ACCT1501 2011S1 Additional Q (Ch1-5)

ACCT1501 2011S1 Additional Q (Ch1-5) - ACCT1501 2011S1 A...

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Unformatted text preview: ACCT1501 2011S1 A DDITIONAL Q UESTIONS UP TO C HAPTER 5 Chapter 1 P1.8; P1.14; P1.17 Chapter 2 P2.16; P2.18; P2.21; P2.25; P2.26 Chapter 3 P3.5; P3.34; P3.12 Chapter 4 P4.18, P4.15 Chapter 5 & Appendix P5.33; PA5.7 ACCT1501 2011S1 Chapter 1 Additional Questions Solutions Problem 1.8 1 Accrual profit = $300 000 + $800 000 $600 000 $200 000 = $300 000 2 Sales revenue = 2000 x $8 = $16 000 Cost of goods sold = 2000 x $5 Problem 1.14 1 Cardigans owners equity as at 30/06/05 = Assets Liabilities = $150 000 $ 70 000 = $80 000 2 Cardigans assets as at 30/06/06 = $150 000 + $63 000 = $213 000 Cardigans liabilities as at 30/06/06 = $ 70 000 + $25 000 = $ 95 000 Cardigans owners equity as at 30/06/06 = Assets Liabilities = $213 000 $ 95 000 = $118 000 3 Cardigans owners equity as at 30/06/06 = $80 000 $12 000 = $68 000 Cardigans liabilities as at 30/06/06 = $70 000 + $20 000 = $90 000 Cardigans assets as at 30/06/06 = Owners equity + Liabilities = $68 000 + $90 000 = $158 000 4 Cardigans assets as at 30/06/06 = $150 000 x 2 = $300 000 Cardigans owners equity as at 30/06/06 = $80 000 Cardigans liabilities as at 30/06/06 = Assets Owners equity = $300 000 $80 000 = $220 000 Problem 1.17 1 A 2 L 3 L 4 E 5 E 6 A 7 SE 8 L 9 A 10 A 11 E 12 R ACCT1501 2011S1 Chapter 2 Additional Questions Solutions Problem 2.16 Problem 2.18 MSPO Protector Ltd Balance Sheet as at 30 June 2009 Current assets $ 000 Current liabilities $ 000 Cash 31 691 Accounts Payable 52 672 Prepayments 8 324 Provisions 31 704 Accounts Receivable 47 583 Interest bearing liabilities 8 732 Inventory 55 117 93 108 142 715 Noncurrent liabilities Provisions 3 734 Noncurrent assets Interest bearing liabilities 87 453 Financial assets 2 416 Deferred tax liabilities 4 962 Property plant and equipment 90 574 96 149 Accounts receivable 1 549 Intangibles 49 053 Total liabilities 189 257 Deferred tax assets 16 974 Shareholders equity 160 566 Share capital 67 358 Retained profits 39 346 Reserves 7 320 114 024 Total assets 303 281 Total liabilities and shareholders equity 303 281 ACCT1501 2011S1 Problem 2.21 1 a 2 b 3 b 4 b 5 a 6 c 7 b Problem 2.25 1 Amcor: Cost of advertising for new employees. This would be an expense of the current period. While the new employees will likely benefit future periods, the cost of the advertising was likely minimal in relation to the operation of the company. In addition, it is difficult to estimate how long an employee will remain with the company. 2 Telstra: Collection of old accounts. If the collection of these accounts does not affect the over-all estimate of uncollectable accounts there will be no effect on revenue or expense of the current year. If the estimate of these does affect the estimate of uncollectable accounts the collection of these accounts may result in a decrease in bad debt expense of the current period....
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This note was uploaded on 07/30/2011 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

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ACCT1501 2011S1 Additional Q (Ch1-5) - ACCT1501 2011S1 A...

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