ACCT5001_Accounting Principles_2009 Semester 1_1-2009 Final Exam Practice Questions Solutions.docVIP

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ACCT5001_Accounting Principles_2009 Semester 1_1-2009 Final Exam Practice Questions Solutions.doc

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ACCT5001_Accounting Principles_2009 Semester 1_1-2009 Final Exam Practice Questions Solutions

Suggested Solutions to Final Exam Practice Questions Semester 1 2009 Question 1 Part 1 Manouk Manufacturers Ltd Statement of Cash Flows for the year ending 30 June 2002 Cash flows from operating activities Collections receipts from customers (1) 2,545,000 Payments to suppliers (2) 1,400,000 Payments for Expenses (3) 430,000 Payments for Interest (4) 100,000 Payments for Income Tax (5) 185,000 1,715,000 Net cash inflows from operating activities 430,000 Cash flows from investing activities Proceeds on sale of plant 50,000 Purchase of plant and equipment (6) (250,000) Net cash outflows from investing activities (200,000) Cash flows from financing activities Repayment of bank loan (50,000) Proceeds from share issue 50,000 Dividend paid (7) (350,000) Net cash outflows financing activities (350,000) Net cash outflows for the period (120,000) Plus beginning period cash 210,000 Ending balance cash 90,000 Note to cash flow statement – non-cash financing and investing activities Land with a market value of $100,000 was acquired during the year through a share issue. Calculations: 1 Sales $2,460,000 + ↓ a/c rec $85,00 = $2,545,000 2 CoGS $1400,000 + ↑ inv $20,000 - ↑ A/c Pay $20,000 = $1400,000 3 Operating exp $435,000 - ↓ Prepaid exp $10,000 + ↓ Accrued exp payable $5,000 = $430,000 4 Interest exp = $100,000 5 Income Tax exp $ 150,000 + ↓ Income Tax payable; $35,000 = $185,000(6) PPE Opening Bal 600,000 Sold** 30,000 Cash Purchase* 250,000 Closing Bal 820,000 850,000 850,000 Opening Bal 820,000 Accumulated Depreciation PPE Sold*** 10,000 Opening Bal 200,000 Closing Bal 215,000 Depreciation Expense* 25,000 225,000 225,000 Opening Bal 215,000 DR Cas