F:S ex19.2&prob19.8 - TUTORIAL 2 SOLUTIONS Exercise...

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Unformatted text preview: TUTORIAL 2 SOLUTIONS Exercise 19.2 Current asset and liability classifications Current Assets $ ’ Cash and cash equivalents 10 (g) Trade and other receivables 95 [(b) 100 000 – (f) 5 000] Inventories 180 [(e) 120 000 + (i) 60 000] Other current assets 12 (d) 297 Current Liabilities $ ’ Trade and other payables 130 [(a) 25 000 + (c) 85 000 + (h) 20 000] Financial liabilities 125 [(j) 50 000 + (k) 75 000] Current tax liability 30 (l) 285 The dividend payable is not a provision as the timing and amount are reasonably certain. It may be shown separately if relevant to an understanding of the financial position. Problem 19.8 Preparation of a statement of financial position, statement of comprehensive income and statement of changes in equity Matthew Ltd Statement of Comprehensive Income for the year ended 30 June 2010 $'000 Revenue 5 000 Other income 47 Changes in inventories of work-in-progress and finished goods (65) Raw materials used (2 200) Employee benefit expense (950) Depreciation expense (226) Impairment loss on patent (25) Rental expenses (70) Advertising expenses (142) Insurance expense (45) Freight-out expense...
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This note was uploaded on 12/06/2011 for the course ACCT 2542 taught by Professor Knapp during the One '11 term at University of New South Wales.

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F:S ex19.2&prob19.8 - TUTORIAL 2 SOLUTIONS Exercise...

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