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25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?
A $240,000
B $80,000
C $180,000
D $140,000
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更多 “ 25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?A $240,000B $80,000C $180,000D $140,000 ” 相关考题
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12 At 1 July 2004 a company had prepaid insurance of $8,200. On 1 January 2005 the company paid $38,000 forinsurance for the year to 30 September 2005.What figures should appear for insurance in the company’s financial statements for the year ended 30 June2005?Income statement Balance sheetA $27,200 Prepayment $19,000B $39,300 Prepayment $9,500C $36,700 Prepayment $9,500D $55,700 Prepayment $9,500
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(c) (i) State the date by which Thai Curry Ltd’s self-assessment corporation tax return for the year ended30 September 2005 should be submitted, and advise the company of the penalties that will be due ifthe return is not submitted until 31 May 2007. (3 marks)(ii) State the date by which Thai Curry Ltd’s corporation tax liability for the year ended 30 September 2005should be paid, and advise the company of the interest that will be due if the liability is not paid until31 May 2007. (3 marks)
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(b) Prepare a consolidated balance sheet as at 31 October 2005 for the Lateral Group in accordance withInternational Financial Reporting Standards. (21 marks)
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4 Ryder, a public limited company, is reviewing certain events which have occurred since its year end of 31 October2005. The financial statements were authorised on 12 December 2005. The following events are relevant to thefinancial statements for the year ended 31 October 2005:(i) Ryder has a good record of ordinary dividend payments and has adopted a recent strategy of increasing itsdividend per share annually. For the last three years the dividend per share has increased by 5% per annum.On 20 November 2005, the board of directors proposed a dividend of 10c per share for the year ended31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and adividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financialstatements at 31 October 2005. The directors feel that a provision should be made because a ‘valid expectation’has been created through the company’s dividend record. (3 marks)(ii) Ryder disposed of a wholly owned subsidiary, Krup, a public limited company, on 10 December 2005 and madea loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had nointention of selling the subsidiary which was material to the group. The directors of Ryder have stated that therewere no significant events which have occurred since 31 October 2005 which could have resulted in a reductionin the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November2005 to 10 December 2005. (5 marks)(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. Theconsideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plusa further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder hadincluded an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fairvalue used for the ordinary shares of Ryder at this date including the contingent consideration was $10 per share.The fair value of the ordinary shares on 12 November 2005 was $11 per share. Ryder also made a one for fourbonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors areunsure of the impact of the above on earnings per share and the accounting for the acquisition. (7 marks)(iv) The company acquired a property on 1 November 2004 which it intended to sell. The property was obtainedas a result of a default on a loan agreement by a third party and was valued at $20 million on that date foraccounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryderintends to complete the repairs before it sells the property. The repairs were completed on 30 November 2005.The property was sold after costs for $27 million on 9 December 2005. The property was classified as ‘held forsale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown atthe net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and nodepreciation has been charged in the year. (5 marks)(v) The company granted share appreciation rights (SARs) to its employees on 1 November 2003 based on tenmillion shares. The SARs provide employees at the date the rights are exercised with the right to receive cashequal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company hasrecognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but theliability was stated at the same amount at 31 October 2005. (5 marks)Required:Discuss the accounting treatment of the above events in the financial statements of the Ryder Group for the yearended 31 October 2005, taking into account the implications of events occurring after the balance sheet date.(The mark allocations are set out after each paragraph above.)(25 marks)
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(b) Prepare a consolidated statement of financial position of the Ribby Group at 31 May 2008 in accordancewith International Financial Reporting Standards. (35 marks)
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8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. Pguaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharingarrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December2004 is $240,000, accruing evenly over the year.What should P’s final profit share be for the year ended 31 December 2004?A $140,000B $139,000C $114,000D $139,375
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20 Which of the following events occurring after the balance sheet date are classified as adjusting, if material?1 The sale of inventories valued at cost at the balance sheet date for a figure in excess of cost.2 A valuation of land and buildings providing evidence of an impairment in value at the year end.3 The issue of shares and loan notes.4 The insolvency of a customer with a balance outstanding at the year end.A 1 and 3B 2 and 4C 2 and 3D 1 and 4
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityinterest?A $32,000B $16,000C $10,000D $24,000
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2 The draft financial statements of Choctaw, a limited liability company, for the year ended 31 December 2004 showeda profit of $86,400. The trial balance did not balance, and a suspense account with a credit balance of $3,310 wasincluded in the balance sheet.In subsequent checking the following errors were found:(a) Depreciation of motor vehicles at 25 per cent was calculated for the year ended 31 December 2004 on thereducing balance basis, and should have been calculated on the straight-line basis at 25 per cent.Relevant figures:Cost of motor vehicles $120,000, net book value at 1 January 2004, $88,000(b) Rent received from subletting part of the office accommodation $1,200 had been put into the petty cash box.No receivable balance had been recognised when the rent fell due and no entries had been made in the pettycash book or elsewhere for it. The petty cash float in the trial balance is the amount according to the records,which is $1,200 less than the actual balance in the box.(c) Bad debts totalling $8,400 are to be written off.(d) The opening accrual on the motor repairs account of $3,400, representing repair bills due but not paid at31 December 2003, had not been brought down at 1 January 2004.(e) The cash discount totals for December 2004 had not been posted to the discount accounts in the nominal ledger.The figures were:$Discount allowed 380Discount received 290After the necessary entries, the suspense account balanced.Required:Prepare journal entries, with narratives, to correct the errors found, and prepare a statement showing thenecessary adjustments to the profit.(10 marks)
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5 Which of the following events after the balance sheet date would normally qualify as adjusting events accordingto IAS 10 Events after the balance sheet date?1 The bankruptcy of a credit customer with a balance outstanding at the balance sheet date.2 A decline in the market value of investments.3 The declaration of an ordinary dividend.4 The determination of the cost of assets purchased before the balance sheet date.A 1, 3, and 4B 1 and 2 onlyC 2 and 3 onlyD 1 and 4 only
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The following information is relevant for questions 9 and 10A company’s draft financial statements for 2005 showed a profit of $630,000. However, the trial balance did not agree,and a suspense account appeared in the company’s draft balance sheet.Subsequent checking revealed the following errors:(1) The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.Depreciation at the rate of 10% per year ($480) had been charged.(2) Bank charges of $440 appeared in the bank statement in December 2005 but had not been entered in thecompany’s records.(3) One of the directors of the company paid $800 due to a supplier in the company’s payables ledger by a personalcheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entryfor the transaction. (The company does not maintain a payables ledger control account).(4) The payments side of the cash book had been understated by $10,000.9 Which of the above items would require an entry to the suspense account in correcting them?A All four itemsB 3 and 4 onlyC 2 and 3 onlyD 1, 2 and 4 only
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13 At 1 January 2005 a company had an allowance for receivables of $18,000At 31 December 2005 the company’s trade receivables were $458,000.It was decided:(a) To write off debts totalling $28,000 as irrecoverable;(b) To adjust the allowance for receivables to the equivalent of 5% of the remaining receivables based on pastexperience.What figure should appear in the company’s income statement for the total of debts written off as irrecoverableand the movement in the allowance for receivables for the year ended 31 December 2005?A $49,500B $31,500C $32,900D $50,900
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(b) Explain the matters that should be considered when planning the nature and scope of the examination ofCusiter Co’s forecast balance sheet and income statement as prepared for the bank. (7 marks)
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You are an audit manager responsible for providing hot reviews on selected audit clients within your firm of CharteredCertified Accountants. You are currently reviewing the audit working papers for Pulp Co, a long standing audit client,for the year ended 31 January 2008. The draft statement of financial position (balance sheet) of Pulp Co shows totalassets of $12 million (2007 – $11·5 million).The audit senior has made the following comment in a summary ofissues for your review:‘Pulp Co’s statement of financial position (balance sheet) shows a receivable classified as a current asset with a valueof $25,000. The only audit evidence we have requested and obtained is a management representation stating thefollowing:(1) that the amount is owed to Pulp Co from Jarvis Co,(2) that Jarvis Co is controlled by Pulp Co’s chairman, Peter Sheffield, and(3) that the balance is likely to be received six months after Pulp Co’s year end.The receivable was also outstanding at the last year end when an identical management representation was provided,and our working papers noted that because the balance was immaterial no further work was considered necessary.No disclosure has been made in the financial statements regarding the balance. Jarvis Co is not audited by our firmand we have verified that Pulp Co does not own any shares in Jarvis Co.’Required:(b) In relation to the receivable recognised on the statement of financial position (balance sheet) of Pulp Co asat 31 January 2008:(i) Comment on the matters you should consider. (5 marks)
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听力原文：M: All you need to open a savings account is $20. But in order to earn reasonable interest you should maintain a balance of at least $ 2,000.W: I only have $ 200 but I'll open an account anyway.Q: What information does the man give the woman?(12)A．That she needs $200 to open an account.B．That savings accounts earn low interest.C．That she should not open an account.D．That $ 2,000 will earn reasonable interest.
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听力原文：M: Can you tell me something about a balance sheet?W: Yes. It is divided into three sections: assets, liabilities, and owner's equity and it is used to summarize a company's financial position on a given date.Q: Which of the following is not a section of a balance sheet?(15)A．Profit and JossB．Owner's equity.C．LiabilitiesD．Assets.
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Government securities would appear on a commercial bank's balance sheet as ______.A．an assetB．reservesC．part of net worthD．a liability
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"Balance Sheet" means the statement on which a bank's assets and liabilities are listed.A．RightB．WrongC．Doesn't say
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What does the accountant do in recording assets and liabilities according to the stable-monetary-unit concept?A．He simply adds all the amounts together.B．He puts the assets and liabilities on the balance sheet objectively.C．He makes restatement if the value of money depreciates.D．He records the assets and liabilities on the balance sheet ignoring the change in purchasing power value of the currency.
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What is the short-coming of the concept?A．The accountant has to restate the assets and liabilities on the balance sheet.B．It is difficult to compare the balance sheets of different companies.C．The balance sheet can not reflect the precise worth of the assets and liabilities.D．Another company will not decide whether to buy the piece of land.
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The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.()
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单选题According to the author, to be an anthropologist means we should _____.A
take interest in what we are doingB
not take interest in what other people are doingC
judge other people’s behaviors with accepted standardsD
not judge other people’s behaviors with our own standards
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