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Exam (elaborations)

FAC1601 ASSIGNMENT 4 OF 2021

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Exam study book International Financial Reporting Standards of Greg F. Burton, Eva K. Jermakowicz - ISBN: 9781134070428 (Guaranteed pass)

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  • September 5, 2021
  • 5
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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FAC 1601 ASSIGNMENT 4 OF 2021



Part 1
71000−36600
1 Acid test ratio 27200
= 𝟏. 𝟐𝟔


42000−1600
2 Return on Asserts = 17.93
145000



42000−16000−4000 22000
3 Return on Equites 8200+48500+10000
= 140500 = 32.74


27200
4 Debt-Equity 82000+48500+10000
= 19.57



5 Ratio on efficiency of business in managing its investment in asserts and in generating return to
owners  Return on Asserts

6 The quick ratio elements inventories form numerator

7 Credit policy may be too lenient



Part 2
1 Profit before tax

Profit for the year 597 600
Add Income tax 232 100
Profit before tax 829 700

2 Total Non-Cash Items

Profit on Sale of furniture (900)
Loss on sale of listed investment 3600
Fair Value gain (Furniture) (14900)
Depreciation 51500
Loss on Sale of non-current assets 12100
51400

3 Separately disclosable items

Interest expense 11500
Divided Income (8900)
2600

4 Increase (decrease in inventory)  (115 700-77200)
(38200) Increase

, 5 Trade receivables (66400-77900) = 11500 decrease

6 Trade payables (59900-48000) 11900 Increase

7 Accrued expense (7100-1800) = 5300 Increase

8 Prepaid expense (7900-5500) (2400) Increase

9 Interest paid (11500)

10 Income tax paid

Opening balance Tax payable 103 800

Income tax expense 232 100

Closing Balance tax payable 46 100

Bank 81 400

11 Dividend received 8 400

12. Dividend Paid 36 610

13. Acquisition of listed investment

Fair value of investment 168 700

Less Fair value gain (14 900)

Add addition 12 000

Bank 165 800

14. Repeat of 13 165 800

15. Proceeds from listed investments

(4000*3)-3600) 8 400



16. Repeat of 15 8 400

17 Loan advanced to shareholders

Balance 2019 13 800

Balance 2020 (47 900)

Bank 34 100



18 repeats of 17 34 100



19 Replacement of furniture

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