Câu 1 (1 điểm) The general ledger trial balance of ABC company at 31 December 20xx (a) Inventory 500,000 (b) Trade receivables debfcngntfmngjtrgfgnhtjytjjnf225,000 (c) Prepaid insurance 15,000 (d) Listed investments held fo.
Câu 1: (1 điểm) The general ledger trial balance of ABC company at 31 December 20xx: (a) Inventory $ 500,000 (b) Trade receivables $ 225,000 (c) Prepaid insurance $ 15,000 (d) Listed investments held for trading purposes at fair value $ 40,000 (e) Available-for-sale investments $ 75,000 (f) Cash $ 80,500 (g) Deferred tax asset $ 25,000 (h) Allowance for doubtful debt $ 45,000 Additional information: • ABC company’s available-for-sale investments are held as part of a long-term investment strategy • The company classifies assets and liabilities using a current/non-current basis Required The correct figures for current assets? ANSWER: The correct figures for current assets is $ ……… Câu 2: (1 điểm) The general ledger trial balance of ABC Company at 31 December 20xx: (a) Inventory $ 500,000 (b) Accumulated depreciation $ 225,000 (c) Prepaid insurance $ 15,000 (d) Listed investments held for trading purposes at fair value $ 40,000 (e) Available-for-sale investments $ 75,000 (f) Raw materials $ 80,500 (g) Deferred tax asset $ 25,000 (h) Allowance for doubtful debt $ 45,000 Additional information: • ABC company’s available-for-sale investments are held as part of a long-term investment strategy • The company classifies assets and liabilities using a current/non-current basis Required The correct figures for current assets? Câu 3: (1 điểm) The general ledger trial balance of ABC Company at 31 December 20xx: (a) Prepaid rent $ 120,000 (b) Accumulated depreciation $ 325,000 (c) Prepaid insurance $ 215,000 (d) Equipment $ 140,000 (e) Available-for-sale investments $ 175,000 (f) Raw materials $ 15,500 (g) Deferred tax liability $ 25,000 (h) Allowance for doubtful debt $ 45,000 Additional information: • ABC company’s available-for-sale investments are held as part of a long-term investment strategy • The company classifies assets and liabilities using a current/non-current basis Required The correct figures for current assets? Câu 4: (2 điểm) Inventory movements for inventory during the last quarter were as follows: Opening inventory at was 120 items valued at $500 each Jan Purchases: 200 items at $560 each Feb Sales: 250 items at $800 each March Purchases: 340 items at $570 each Sales: 430 items at $800 each Required: The cost of sales for the quarter, using FIFO method, would be? Gross profit for the quarter, using FIFO method, would be? ANSWER: The cost of sales for the quarter, using FIFO method, would be …… Gross profit for the quarter, using FIFO method, would be ……… Câu 5: (2 điểm) Inventory movements for inventory during the last quarter were as follows: Opening inventory at was 220 items valued at $450 each Jan Purchases: 200 items at $460 each Feb Sales: 350 items at $800 each March Purchases: 500 items at $570 each Sales: 450 items at $800 each Required: The cost of sales for the quarter, using FIFO method, would be? Gross profit for the quarter, using FIFO method, would be? Câu 6: (1 điểm) L&L sells machines, and also offers installation and technical support services The individual selling prices of each product are shown below Sale price of goods $450 Installation $100 One year service $50 Locke sold a machine on June 20X1, charging a reduced price of $450, including installation and one year’s service Locke only offers discounts when customers purchase a package of products together Required: According to IFRS 15 Revenue from Contracts with Customers, the revenue of machine which sold on June 20x1 would be recorded at 31 December 20x1 was …… Answer: Revenue of machine would be recorded at 31 December 20x1 at …… Câu 7: (2 điểm) On August 31, 20x0, ABC Company acquired a machine at a cost of $200,000; import tax (nonrefundable) was $12,000; transportation was $6,000; it had and estimated life of years, residual value of the machine was 2,000, and was expected to provide a level pattern of utility to the entity At 31 December, 20x2, the asset was sold $120,000 Required: Using the straight line method, calculate: The accumulated depreciation until disposal was $ The disposal of asset was ……