[PDF] EXERCISES LESSON 4 INCOME STATEMENT PDF EXERCISES%20LESSON_4_0809

2 INCOME STATEMENT: LESSON 4 EXERCISE 1 (LESSON 4) The following list of accounts for Company Jan Ltd is available at the end of 200X ACCOUNT

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1 DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA

ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES

FINANCIAL ACCOUNTING

(DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5)

2008-2009

EXERCISES LESSON 4

INCOME STATEMENT

2INCOME STATEMENT: LESSON 4

EXERCISE 1 (LESSON 4)

The following list of accounts for Company Jan Ltd. is available at the end of 200X.

ACCOUNT

AMOUNT

Advertisement expenses 15,500

Change in inventory of goods for sale (increase) 1,200

Discount for volume of sale 150,000

Grants, donations and legacies transferred to income for the year 12,000

Income tax 3,500

Insurance expense 14,500

Intangible assets depreciation expense 10,800 Interest from long term loans to other companies 25,000 Interest of debt from financial institutions 120,000 Losses for uncollective accounts 1,200 Losses from disposal of tangible fixed assets 2,640 Losses from impairment of inventory of goods for sale 800 Losses from impairment of trade accounts receivable 3,600

Purchase of goods for sale 1,854,000

Purchase returns of goods for sale 30,000

Rent revenue 4,800

Repairs and conservation 9,600

Revenue form holdings in equity instruments, other companies 1,200 Reversion of impairment of trade accounts receivable 2,000

Sale of goods for sale 3,109,440

Social security in charge of the company 168,000 Tangible assets depreciation expense 30,000

Wages and salaries 840,000

Work performed for own assets 45,000

REQUIRED:

1) Calculate the net turnover.

2) Calculate the consumption of goods for sale

3) Prepare the Income Statement for year 200X according to the model established in the new P.G.C.

3EXERCISE 2 (LESSON 4)

The following list of accounts for Company Feb Ltd. is available at the end of 200X.

ACCOUNT AMOUNT

Change in inventory of finished goods (increase) 314 Change in inventory of raw materials (decrease) 4.242 Discount for volume of sale of finished goods 36.000

Exceptional expenses 30.600

Expense for the provision for trade operations 240

Income tax 105

Insurance expense 63.410

Intangible assets depreciation expense 62.900 Interest of debt from financial institutions 15.160 Interest of debt from subsidiaries 19.300 Losses from disposal of tangible fixed assets 1.440 Losses from impairment of inventory of raw materials 2.178 Losses from impairment of tangible fixed assets 1.297 Losses from impairment of trade accounts receivable 15.554 Negative exchange differences 96 Operating grants, donations and legacies 14.818 Profits from equity and debt instruments 1.200

Purchase of raw materials 180.500

Purchase returns of raw materials 5.085

Redundancy pays 8.800

Rent expense 107.797

Revenue form holdings in equity instruments, other companies 91 Revenue form holdings in equity instruments, subsidiaries 800 Reversion of impairment of inventory of raw materials 3.178 Reversion of impairment of trade accounts receivable 15.884

Sale of finished goods 745.300

Sale returns of finished goods 2.120

Services rendered 33.720

Social security in charge of the company 33.620

Supplies 82.433

Tangible assets depreciation expense 44.800

Taxes other than income tax 1.640

Wages and salaries 117.400

Work performed by other companies 187

REQUIRED:

4) Calculate the net turnover.

5) Calculate the consumption of goods for sale

6) Prepare the Income Statement for year 200X according to the model established in the new P.G.C.

4EXERCISE 3 (LESSON 4)

The following list of accounts for Company Mar Ltd. is available at the end of 200X.

ACCOUNT

AMOUNT

Change in inventory of raw materials (*) ¿?

Discount for volume of purchase of goods for sale 1,000 Excess of provision for trade operations 60 Excess of provisions for other responsibilities 420 Expense for the provision for trade operations 180 Financial expenses from capitalization of provisions 15 Gains from disposal of investment property 300

Income tax 2,233

Interest of debt from financial institutions 55 Interest of discounting of bill of exchange in financial institutions 35 Investment property depreciation expense 25 Losses from impairment of inventory of goods for sale 50 Operating grants, donations and legacies 100 Profits from held for trading portfolio 40 Purchase discount for early payments 800

Purchase of goods for sale 15,000

Rent expense 120

Rent revenue 220

Revenue form holdings in equity instruments, subsidiaries 18 Revenue from debt instrument, other companies 21 Reversion of impairment of inventory of goods for sale 100

Sale of finished goods 22,000

Sale returns of finished goods 800 Services from independent professionals 75 Social security in charge of the company 60 Tangible assets depreciation expense 100

Wages and salaries 220

Work performed for own assets 300

(*) The value of the initial inventory was 3,200 €. The value of the final inventory is 2,000 €.

REQUIRED:

7) Calculate the net turnover.

8) Calculate the consumption of goods for sale.

9) Prepare the Income Statement for year 200X according to the model established in the new

P.G.C.

EXERCISE 4 (LESSON 4) - From exam of course 0708

Company X, Inc. shows the following list of accounts in its adjusted trial balance at the end of year 2008.

ACCOUNT AMOUNT

Capital grants, donations and legacies transferred to income for the year 2,250 Change in inventory of goods for sale (*) ¿? Discount for volume of purchase of goods for sale 1,500 Discount for volume of sale of goods for sale 4,300 Excess of provision for trade operations 615 Expense for the provision for trade operations 1,095

Income tax 9,544

Insurance expense 600

Intangible assets depreciation expense 1,000 Interest of debt from financial institutions 1,100 Investment property depreciation expense 2,250 Losses from available for sale financial instruments 800 Losses from impairment of inventory of goods for sale 500 Losses from impairment of long term loans 200 Losses from impairment of tangible fixed assets 1,300 Losses from impairment of trade accounts receivable 1,530 Purchase discount for early payments 600

Purchase of goods for sale 42,350

Purchase returns of goods for sale 1,300

Rent revenue 1,200

Repairs and conservation 1,500

Revenue form holdings in equity instruments, other companies 2,480 Revenue from long term loans to other companies 1,790 Reversion of impairment of inventory of goods for sale 1,000

Sale of goods for sale 57,300

Sale returns 2,113

Services from independent professionals 345

Services rendered 48,721

Social security in charge of the company 3,480

Supplies 3,800

Tangible assets depreciation expense 3,000

Wages and salaries 17,400

(*) The value of the initial inventory of goods for sale was 1,086. The value of the final inventory is 2,807.

REQUIRED:

a) Calculate the net turnover. c) Calculate the consumption of goods for sale. b) Prepare the Income Statement according to the format established by the P.G.C. 2007. 6 (Debit) Credit 200X

A) CONTINUING OPERATIONS

1. Net turnover. 99.608

a) Sales. 50.887

Sale of goods for sale 57.300

Discount for volume of sale of goods for sale - 4.300

Sale returns - 2.113

b) Services rendered. 48.721

Services rendered 48.721

2. Change in inventory of finished goods and work-in process.

3. Work performed for own assets.

4. Procurements. - 36.729

a) Consumption of goods for sale. - 37.229

Purchase of goods for sale - 42.350

Discount for volume of purchase of goods for sale 1.500 Purchase returns of goods for sale 1.300 Purchase discount for early payments 600 Change in inventory of raw materials (increase) 1.721 b) Consumption of raw materials and other consumables. c) Work performed by other companies. d) Impairment of goods for sale, raw materials and other consumables. 500 Losses from impairment of inventory of goods for sale - 500 Reversion of impairment of inventory of goods for sale 1.000

5. Other operating revenues. 1.200

a) Accesory and other ordinary income. 1.200

Rent revenue 1.200

b) Operating subventions included in income for the year.

6. Personnel expenses. - 20.880

a) Wages, salaries and similar expenses. - 17.400

Wages and salaries - 17.400

b) Employee welfare expenses. - 3.480 Social security in charge of the company - 3.480 c) Provisions.

7. Other operating expenses. - 8.255

a) Outside services. - 6.245

Supplies - 3.800

Insurance expense - 600

Services from independent profesionals - 345

Repairs and conservation - 1.500

b) Taxes other than income tax. c) Losses, impairment and change in provisions for trade operations. - 2.010 Expense for the provision for trade operations - 1.095 Losses from impairment of trade accounts receivable - 1.530 Excess of provision for trade operations 615 d) Other operating expenses.

8. Fixed assets depreciation expense. - 6.250

Investment property depreciation expense - 2.250 Intangible assets depreciation expense - 1.000

7Tangible assets depreciation expense - 3.000

9. Transfer of grants of non-financial non-current assets and others. 2.250

Capital grants, donations and legacies transferred to income for the year 2.250

10. Excess of provisions.

11. Impairment and income from disposal of non-current assets. - 1.300

a) Impairment and losses. - 1.300 Losses from impairment of tangible fixed assets - 1.300 b) Income from disposals and others. A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11+12) 29.644

12. Financial revenues. 4.270

a) From holdings in equity instruments. 2.480 a1) Of subsidiaries and associated companies. a2) Of third parties. 2.480 Revenue form holdings in equity instruments, other companies 2.480 b) From marketable securities and other financial instruments. 1.790 b 1) Of subsidiaries and associated companies. b 2) Of third parties. 1.790 Revenue from long term loans to other companies 1.790

13. Financial expenses. - 1.100

a) Of subsidiaries and associated companies. b) Of third parties. - 1.100 Interest of debt from financial institutions - 1.100 c) From capitalization of provisions.

14. Change in fair value of financial instruments. - 800

a) Held for trading and others.

b) Transfer to income for the year for available for sale financial instruments. - 800

Losses from available for sale financial instruments - 800

15. Exchange differences.

16. Impairment and income from disposal of financial instruments. - 200

a) Impairment and losses. - 200 Losses from impairment of long term loans - 200 b) Income from disposals and others. A.2) FINANCIAL INCOME (12+13+14+15+16) 2.170 A.3) INCOME BEFORE TAXES (A.1+A.2) 31.814

17. Income tax. - 9.544

Income tax - 9.544

A.4) INCOME FROM CONTINUING OPERATIONS (A.3+17) 22.270

B) DISCONTINUED OPERATIONS

18. Post-tax income of discontinued operations.

A.5) INCOME FOR THE YEAR (A.4+18) 22.270 8 200X

A) CONTINUING OPERATIONS

1. Net turnover. 99.608

a) Sales. 50.887 b) Services rendered. 48.721

2. Change in inventory of finished goods and work-in process.

3. Work performed for own assets.

4. Procurements. - 36.729

a) Consumption of goods for sale. - 37.229 b) Consumption of raw materials and other consumables. c) Work performed by other companies. d) Impairment of goods for sale, raw materials and other consumables. 500

5. Other operating revenues. 1.200

a) Accesory and other ordinary income. 1.200 b) Operating subventions included in income for the year.

6. Personnel expenses. - 20.880

a) Wages, salaries and similar expenses. - 17.400 b) Employee welfare expenses. - 3.480 c) Provisions.

7. Other operating expenses. - 8.255

a) Outside services. - 6.245 b) Taxes other than income tax. c) Losses, impairment and change in provisions for trade operations. - 2.010 d) Other operating expenses.

8. Fixed assets depreciation expense. - 6.250

9. Transfer of grants of non-financial non-current assets and others. 2.250

10. Excess of provisions.

11. Impairment and income from disposal of non-current assets. - 1.300

a) Impairment and losses. - 1.300 b) Income from disposals and others. A.1) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11+12) 29.644

12. Financial revenues. 4.270

a) From holdings in equity instruments. 2.480 a1) Of subsidiaries and associated companies. a2) Of third parties. 2.480 b) From marketable securities and other financial instruments. 1.790 b 1) Of subsidiaries and associated companies.quotesdbs_dbs8.pdfusesText_14

[PDF] [PDF] EXERCISES LESSON 4 INCOME STATEMENT