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    Final Financial Accounting ZU-019

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    1. Sales on credit during 20X3 were $80,000. Total receipts were $85,000 and cash sales were $5,000. 2. The adjusted figure for inventories at 31 December 20X4 should be $835,500. Purchases and sales between the count and year-end need to be adjusted. 3. Roger's current assets at 31 October 20X6 were $17,679. This includes inventory, receivables, cash, and excludes accumulated depreciation and bank overdraft.

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    Final Financial Accounting ZU-019

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    Iama Feminist
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    1. Sales on credit during 20X3 were $80,000. Total receipts were $85,000 and cash sales were $5,000. 2. The adjusted figure for inventories at 31 December 20X4 should be $835,500. Purchases and sales between the count and year-end need to be adjusted. 3. Roger's current assets at 31 October 20X6 were $17,679. This includes inventory, receivables, cash, and excludes accumulated depreciation and bank overdraft.

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    Final Financial Accounting ZU-019 (5)

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    1. Sales on credit during 20X3 were $80,000. Total receipts were $85,000 and cash sales were $5,000. 2. The adjusted figure for inventories at 31 December 20X4 should be $835,500. Purchases and sales between the count and year-end need to be adjusted. 3. Roger's current assets at 31 October 20X6 were $17,679. This includes inventory, receivables, cash, and excludes accumulated depreciation and bank overdraft.

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    38 views1 page

    Final Financial Accounting ZU-019

    Uploaded by

    Iama Feminist
    1. Sales on credit during 20X3 were $80,000. Total receipts were $85,000 and cash sales were $5,000. 2. The adjusted figure for inventories at 31 December 20X4 should be $835,500. Purchases and sales between the count and year-end need to be adjusted. 3. Roger's current assets at 31 October 20X6 were $17,679. This includes inventory, receivables, cash, and excludes accumulated depreciation and bank overdraft.

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    of 1

    Program ZU Final/Midterm : Final

    (MBA/ BBA/ ZU) :


    Course name : Instructor’s name Nigar Karimli
    Financial Accounting :
    Student’s name : Group number ZU-019
    (BBA /ZU) :
    Term (fall, spring): Spring Date of exam : 18/06/2020

    1. You are given the following information:


    Receivables at 1 January 20X3 $10,000
    Receivables at 31 December 20X3 $9,000
    Total receipts during 20X3 (including cash sales of $5,000) $85,000
    What are sales on credit during 20X3?

    2. The inventory value for the financial statements of Q for the year ended 31 December 20X4
    was based on an inventory count on 4 January 20X5, which gave a total inventory value of
    $836,200.
    Between 31 December and 4 January 20X5, the following transactions took place:
    $
    Purchases of goods 8,600
    Sales of goods (profit margin 30% on sales) 14,000
    Goods returned by Q to supplier 700
    What adjusted figure should be included in the financial statements for inventories at 31
    December
    20X4?

    3. At 31 October 20X6 Roger's trial balance included the following balances:


    $
    Machinery at cost 12,890
    Accumulated depreciation 8,950
    Inventory 5,754
    Trade receivables 11,745
    Trade payables 7,830
    Bank overdraft 1,675
    Cash at bank 150
    What is the value of Roger's current assets at 31 October 20X6?

    4. What does 'capital expenditure' mean?

    5. Which of the following items should be included in current assets?


    (i) Assets which are not intended to be converted into cash
    (ii) Assets which will be converted into cash in the long term
    (iii) Assets which will be converted into cash in the near future

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