WebCT%20Vista%20Self%20Assessment

WebCT%20Vista%20Self%20Assessment - School of Accounting...

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School of Accounting ACCT 1511: Accounting and Financial Management 1B Session 2, 2008 Week 4 Self-Assessment Quiz VERSIONS 1 TO 4 1
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VERSION 1 VERSION 1 Question 1 The following information is taken from the accounts of Marley Ltd for the year ended 30 June 2007: $ Opening balance, Accounts Receivable 50,000 Closing balance, Accounts Receivable 60,000 Credit sales 120,000 Cash sales 180,000 Bad debt expense 25,000 Bad debts written off 40,000 Discount allowed to Accounts Receivable 5,000 Required: Using appropriate T-account(s), calculate cash received from customers. Question 2 The following information is taken from the accounts of Lee Ltd. for the year- ended 31 December, 2007: $ Accounts receivable, 1 January, 2007 95,000 Accounts receivable, 31 December, 2007 70,000 Allowance for doubtful debts, 1 January, 2007 13,000 Allowance for doubtful debts, 31 December, 2007 6,000 Inventory, 1 January, 2007 90,000 Inventory, 31 December, 2007 100,000 Accounts Payable, 1 January, 2007 70,000 Accounts Payable, 31 December, 2007 60,000 Credit sales 400,000 Cash sales 180,000 Cost of goods sold 420,000 Bad debts expense 12,000 What was the amount of cash received from customers for the year ending 31 December, 2007? 2
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VERSION 1 Questions 3 and 4 are based on the information below: Thurston Ltd. Comparative Balance Sheets for 2005 and 2006 ('000s) 2006 2005 Current Assets: Cash 91 20 Accounts Receivable 60 40 Inventory 90 80 Total Current Assets 241 140 Non-current Assets: Building 310 200 Accumulated Depreciation (140) (40) Total Assets 411 300 Current Liabilities: Accounts Payable 40 60 Salaries Payable 11 26 Accrued Expenses 10 30 Non-current Liabilities: Debentures 90 25 Total Liabilities 151 141 Shareholders' Equity Share Capital 185 134 Retained Earnings 75 25 Total Equities 260 159 Thurston Ltd. Income Statement for year-ended 30 June 2006 ('000s) Sales 370 less Expenses: Cost of Goods Sold (100) Salaries Expense (20) Other expenses (80) Depreciation (100) Net Profit 70 3
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VERSION 1 Question 3 What was the cash paid for depreciation expense for Thurston Ltd. for year-end 2006? Question 4 What was the cash paid for other expenses for Thurston Ltd. for year-end 2006? Questions 5 and 6 are based on the following information
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This note was uploaded on 01/31/2012 for the course ACCT acct taught by Professor A during the Three '11 term at University of New South Wales.

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WebCT%20Vista%20Self%20Assessment - School of Accounting...

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