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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[PDF] EXERCISES LESSON 4 INCOME STATEMENT
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) 1,200Discount for volume of sale 150,000
Grants, donations and legacies transferred to income for the year 12,000Income 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 3,600Purchase of goods for sale 1,854,000
Purchase returns of goods for sale 30,000Rent 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 2,000Sale of goods for sale 3,109,440
Social security in charge of the company 168,000 Tangible assets depreciation expense 30,000Wages 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 36.000Exceptional expenses 30.600
Expense for the provision for trade operations 240Income 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 1.200Purchase of raw materials 180.500
Purchase returns of raw materials 5.085Redundancy 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 15.884Sale of finished goods 745.300
Sale returns of finished goods 2.120Services rendered 33.720
Social security in charge of the company 33.620Supplies 82.433
Tangible assets depreciation expense 44.800Taxes other than income tax 1.640
Wages and salaries 117.400
Work performed by other companies 187REQUIRED:
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 300Income 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 800Purchase 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 100Sale 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 100Wages 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.
5EXERCISE 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 1,095Income 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 600Purchase of goods for sale 42,350
Purchase returns of goods for sale 1,300Rent 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 1,000Sale of goods for sale 57,300
Sale returns 2,113
Services from independent professionals 345Services rendered 48,721
Social security in charge of the company 3,480Supplies 3,800
Tangible assets depreciation expense 3,000Wages 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 200XA) CONTINUING OPERATIONS
1. Net turnover. 99.608
a) Sales. 50.887Sale of goods for sale 57.300
Discount for volume of sale of goods for sale - 4.300Sale returns - 2.113
b) Services rendered. 48.721Services 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. - 37.229Purchase 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 1.0005. Other operating revenues. 1.200
a) Accesory and other ordinary income. 1.200Rent revenue 1.200
b) Operating subventions included in income for the year.6. Personnel expenses. - 20.880
a) Wages, salaries and similar expenses. - 17.400Wages 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. - 6.245Supplies - 3.800
Insurance expense - 600
Services from independent profesionals - 345Repairs 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 - 1.0007Tangible 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 2.25010. 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) 29.64412. 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 1.79013. 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