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international financial management

Questions and Answers of International Financial Management

The income tax payable account showed an opening balance of $50 000 and a closing balance of $75 000.Income tax expense was $200 000. What was the income tax paid?
If a company sells a piece of equipment with a book value of $100 000 (cost $250 000 less accumulated depreciation of $150 000) for $80 000, what is the journal entry?
The net operating profit of Luke Ltd was $31 000. Depreciation expense was $10 000 and gain on sale of equipment $2000. Accounts receivable increased by $15 000 and inventory decreased by $7000.
The financial year for Neverless Limited ends on 30 June 2022. During the month of June 2022, the company has incurred the following transactions:(i) Sent invoices for $20 000 to customers for work
Prepare a schedule of cash flows from operating activities Following is the income statement for JKL Limited.JKL LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2022$ $Sales 13 000 Less: Cost of
Calculate cash payments 1 Cost of goods sold = $2 300 000 Inventory increased from $300 000 to $610 000 Accounts payable increased from $200 000 to $295 000 Required: calculate cash payments for
Prepare a statement of cash flows The following information relates to Tut Ltd.TUT LTD COMPARATIVE BALANCE SHEET AS AT 30 JUNE 2022 2022 2021$000 $000 Current assets Cash — 20 Accounts receivable
1 What are cash and cash equivalents?
2 Provide examples of trends in operating, investing and financing cash flows that would be of concern to:a investors b creditors.
The items following were taken from a listed company’s statement of cash flows. Classify each item as operating, investing or financing. For each item state whether cash is increasing or
Prepare a cash flow statement EXPRESS LTD COMPARATIVE BALANCE SHEETS FOR 2022 AND 2021 2022 2021$ $Current assets Cash 93 50 Accounts receivable 80 60 Inventory 70 100 Prepaid insurance 40 25 Total
Operating, financing and investing activities The following information relates to LL Ltd.LL LTD COMPARATIVE BALANCE SHEETS 2022 2021$ $Current assets Cash 95 000 105 000 Accounts receivable 330 000
Cash flow from operations The following data are extracted from the financial statements of Flutes Ltd:2022 2021$ $Accounts receivable 240 000 265 000 Inventory 340 000 380 000 Salaries payable 80
Cash flows for financing and investing The following data are extracted from the financial statements of Hippolyta Ltd.2022 2021$ $Equipment 128 000 192 000 Accumulated depreciation – equipment (35
Cash flow from financing The following data are extracted from the financial statements of Theseus Limited:2022 2021$ $Share capital 368 000 321 000 Retained earnings 210 000 198 000 Net profit 38
Preparation of a statement of cash flows The following information relates to Sandra Limited.Comparative balance sheets 30 June 2022 30 June 2021$000 $000 Current assets Cash 193 240 Accounts
Cash flow from operations (data includes bad and doubtful debts)The following information is taken from the accounts of Registration Ltd for the year ended 31 December 2022:$Accounts receivable, 1
Interpreting a statement of cash flows Outline the five most important things you learn about TLH Ltd from the following consolidated statement of cash flows for the year ended 30 June 2022.2022
Using the two years cash flow information presented below, outline the four most important things you learn about Emerald Ltd.EMERALD LTD CASH FLOW STATEMENTS OVER TWO YEARS 2022 2021$000 $000 Cash
Simple cash flow statement – indirect method Janali Limited prepares its statement of cash flows using the indirect method. Its balance sheet shows the following information:30/06/2022 30/06/2021$
Comment on a company’s cash management (indirect method)Axiomatic Ltd’s statement of cash flows for last year is shown. Provide observations about how the company managed its cash during the
Indirect method The income statement and balance sheet provide the following information for 2022.INCOME STATEMENT FOR YEAR ENDED 30 JUNE 2022$ $Service revenue 60 000 Expenses:Salaries 40 000
Reconstructing account balances from a statement of cash flows XYZ LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 Consolidated 2022 2021 Cash flows from operating activities Cash
Preparation of a statement of cash flow (advanced)An income statement and a comparative balance sheet for Borachio Ltd are as follows:BORACHIO LTD COMPARATIVE BALANCE SHEET AS AT 30 JUNE 2022 AND
Ethics of cash flow manipulation There is an interesting ethical issue behind the very reason that the statement of cash flows is thought by some people to have advantages over the income statement.
Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.1 What are the main components of cash flows from
Consolidated cash flow statement for Qantas Ltd QANTAS GROUP Notes 2020 2019(restated)1$m $m CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers 14 460 19 050 Cash payments to suppliers
Interpreting the One.Tel Limited statement of cash flows Shown as follows are the 1999 and 2000 cash flow statements for One.Tel Limited, a telecommunications company that was delisted in
Variations in the pattern of cash flows The 2021 statement of cash flows for Telstra Limited is shown. Explain these changes in the pattern of cash flows between 2021 and 2020.TELSTRA GROUP Year
Interpreting a cash flow statement for two retailers Extracts from the 2021 statement of cash flows from two Australian companies, Myer Holdings Limited and Harvey Norman Holdings Limited are
How well did Harvey Norman perform in 2021 compared with 2020?
With which companies might Harvey Norman compare its financial performance?
Select a company with which you are familiar, such as Transurban or one of the big four banks (ANZ, Commonwealth Bank, NAB, Westpac) and review the front section of its annual report. What financial
Here are four performance measures for an airline: Profit growth, Investment in ground crew training, On-time departure % and Customer satisfaction rating. To which perspective of the BSC framework
TMC Ltd, a large producer of telecommunications equipment, retails its products through suburban outlets.The calculations of some of its key ratios for 2021 and 2020 are shown.2021 2020 Return on
1 What is the purpose of the balanced scorecard framework?2 Why do organisations use both financial and non-financial performance information to manage performance?3 Why might accounting
For each of the following organisations, identify two financial ratios that are likely to be particularly important.1 A mining company that has been investing heavily in acquiring new mine sites and
Identify two non-financial performance measures to manage the performance of the following organisations.1 A food delivery business that is focused on retaining its drivers to ensure a better
The award-winning Kamilaroi restaurant delivers a premium dining experience using Indigenous produce, and is now planning to open a chain of Indigenous-food-based casual dining restaurants across the
Identify two example performance measures, one leading and one lagging, for each of the following strategic objectives.1 Improve specialist sales staff skills 2 Enhance employee wellbeing 3 Increase
An Australian motorcycle courier delivery service DeliverSafe introduced a wellbeing strategy for its Sydneybased employees. The strategy comprised a series of wellbeing initiatives including:1
Throughout the book we have considered Woolworths Limited in detail. Until recently, Woolworths comprised five main operating groups – Australian food (including Woolworths supermarkets), New
Woolworths Limited has a reputation of being a defensive stock with better than average profit growth and steadily increasing returns to investors. The supermarket retail industry in Australia is
As a senior investment analyst, you have been analysing financial results of Cretail Ltd for the last few years.The following table comprises a summary of the financial results for Cretail
CASE 17D Non-financial performance measures at Woolworths In earlier chapters, we reviewed the Woolworths Annual Report 2021 (Chapter 6) and their 2021 Sustainability Report and Sustainability Report
!~~~~~Recognition of revenue over time versus at a point in time Multi-Storey Builders Ltd had a large three-year project with a fixed price contract for a total revenue of $8 000 000 and estimated
!~~~~~Revenue recognition over time Tall Constructions Ltd had a large three-year project with a fixed price contract for a total revenue of $5 500 000 and estimated total costs of $4 500 000. The
!~~~~~Interpret revenue recognition notes BHP is the world’s largest diversified resources company. Its core operations involve production of aluminium, copper, zinc, iron ore, diamonds, oil and
!~~~~~Company transactions The following transactions occurred for Andrew Ltd for the year ended 30 June 2022:a Income tax expense for the current period was determined at year-end.b Ordinary
!~~~~~Franchise revenue amounts and policies Pickin’ Chicken Ltd and Country Delight Ltd both sell franchises for their chicken restaurants. The purchaser of the franchise (the franchisee) receives
!~~~~~Recommend revenue and expense recognition policy Gary Slapstick Promotions Ltd (GSP) acquired the rights to use the names of a number of football players on life-sized stuffed dolls it
!~~~~~Expense recognition Indicate whether each of the events described gives rise to an expense under the Framework. If the event does give rise to an expense, what would be the other side of the
!~~~~~Identify items as revenues or expenses State whether or not, and why, each of the following items is likely to be a revenue or an expense for this year for the company indicated:Company Item 1
!~~~~~Choose suitable revenue recognition policies In each of the following independent cases, indicate when you think the company in question should recognise revenue. Support your decision with
!~~~~~Real company’s revenue, expense recognition Using the financial statements of any company you are interested in, write a comprehensive review of the company’s revenue and expense
!~~~~~Likely revenue recognition policies for various cases When is a sale a sale? When does the accounting system recognise revenue as having been earned? Indicate what you think would be the
!~~~~~Revenue and expense recognition Knowledge Ltd provides one-day training programs on accounting. It charges $5000 per day. The following events occurred during May 2019.a Received $20 000 from
!~~~~~Expense recognition For each of the following expenses, state what the other side of the journal entry would be. If it is not an expense, write ‘no expense’.1 Insurance expense (amount paid
!~~~~~Revenue recognition State whether each of the following would be recognised as revenue under the Framework.1 Issue of shares for $4 million.2 Cash sales by a retailer of $130 000.3 Credit sales
!~~~~~Revenue recognition Discuss when each of the following businesses would be likely to recognise revenues:1 A shipbuilding company.2 A magazine company for which yearly subscriptions are received
!~~~~~Prepare financial statements On 30 June 2022, the following figures were extracted from the general ledger of Nora Ltd.DR CR $ $Share capital 156 000 Retained profits 20 000 Mortgage 27 000
!~~~~~Issue of shares, bonus issues and revaluations The abridged balance sheet of Impact Ltd, at 30 June 2022, was as follows:IMPACT LTD BALANCE SHEET AS AT 30 JUNE 2022 $ $Inventories 10 000 Trade
!~~~~~Explain the nature of certain reserves The note on reserves is provided. Explain the nature of each of the reserves.Consolidated 2022 2021 $000 $000 Capital Balance at start of year 26 874 26
!~~~~~Share buyback The CFO of X Limited is concerned that the new investment opportunities available to the firm provide a lower average return than other investments they presently hold. She is
!~~~~~Shareholders’ equity The shareholders’ equity section of the balance sheet of Locomotion Limited is reproduced as follows.Consolidated Parent Note 2022 2021 2022 2021 $ $ $ $Share capital
!~~~~~Shareholders’ equity The shareholders’ equity section of Journal Limited is reproduced as shown.2022 2021 $ $Share capital 1 400 000 1 300 000 Reserves 150 000 200 000 Retained profits 250
!~~~~~Oversubscriptions 1 Prepare journal entries for each of the following transactions:a XYZ Ltd issues 200 000 shares to an institutional investor on 10 October 2022 for $2.90 a share.b In
!~~~~~Issue of shares The following transactions relate to the issue of shares by Zincdale Ltd.Date Transaction 2022 1 July The public was invited to make an application for 500 000 shares at $1.00
!~~~~~Effects of proposed policy of capitalising improvements costs, with income tax Senior management of Telemark Skiing Ltd wishes to capitalise $2 650 000 in ski-hill improvement costs expended
!~~~~~21 What is the main benefit of providing separate disclosure of significant items?
!~~~~~20 Would a large write-down of inventory that has become obsolete be included as an expense? Why or why not?
!~~~~~19 Describe the matching principle. How is it dealt with in the Framework?
!~~~~~17 You are told by a friend who builds house extensions that he estimates the profit on a job at the time of quoting, and recognises 10 per cent of profit each week based on the fact that most
!~~~~~15 What conditions need to be met before expenses can be recognised?
!~~~~~14 What conditions need to be met before income/revenue can be recognised?
!~~~~~13 Compare revenue recognition associated with a contract with a customer over time (input method) to recognition at the completion of the contract.
!~~~~~12 What criteria are used to recognise revenue?
!~~~~~10 Explain the accounting differences between a bonus issue (share dividend) and a share split.
!~~~~~3 What is the difference between liabilities and equity?
!~~~~~1 List three examples of reserves.
!~~~~~Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.1 How many shares were issued during the year?2
!~~~~~Expense recognition Indicate if each of the events described gives rise to a revenue or an expense under the Framework. If they do, what would be the other side of the transaction?1 A bank loan
!~~~~~Revenue recognition Discuss when the following organisations are likely to recognise revenue.1 CPA Australia for membership fees.2 UNSW for student tuition fees.3 The Melbourne Cricket Ground
!~~~~~Retained profits The following transactions occurred in the 2022 financial year. The opening balance of retained profits was $20 000.a Shares were issued (4000 at $4 each).b $2500 worth of
!~~~~~15G Hinton Ltd has found an error in its sales revenue account: an invoice for $1400 was recorded as revenue in 2021 when it should have been recorded in 2022. The company’s income tax rate
!~~~~~15F A company had revenues of $10 499.7 million in a recent year. Its income tax rate was 30 per cent. If its revenues increased by 2 per cent, with no effect on expenses other than income tax,
!~~~~~15E Do any of the following result in an expense during the year?(i) $80 000 of prepaid rent expired during the year (ii) Wages payable of $3000 was paid (iii) $20 000 of inventory became
When you go into an Australia Post shop you may notice on the wall that you can pay certain bills there; for example, electricity, water or other utilities. That is, Australia Post collects the
Many studies, particularly in the United States, have noted the prevalence of improper revenue recognition. Some examples include:• holding the books open after the close of a reporting period
!~~~~~The shareholders’ equity section of CSR Limited’s 2021 balance sheet is shown below.CSR Group Note 2021 2020 $m $m Net assets 1 152.5 1 125.5 Equity Issued capital 18 966.7 966.7 Reserves
In 2022, Flimsy Construction Ltd has recognised 38 per cent of the total expected revenue from a contract to build a house extension. The total contract price is $43 000, and Flimsy expects its costs
A company declares and pays a dividend of 10 cents per share on 50 000 shares. What is the effect on each of the following?(i) total assets(ii) total liabilities(iii) expenses for the year(iv)
CASE 14D Current versus noncurrent liabilities In an important legal case, the Australian Securities and Investments Commission successfully sued the directors and the Chief Financial Officer of
1 The note from BlueScope Steel Limited at 30 June 2021 is provided, showing current provisions and detailed descriptions of some provisions as noted.BlueScope Steel Limited Notes to the Consolidated
Determining financial statement effects of various liabilities XYZ Limited XYZ Limited designs and manufactures a diversified product range for the international high-frequency radio, satellite and
Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.1 Under current liabilities, Woolworths lists trade and
GST reporting Tony Cheng recently opened a restaurant in Hobart serving Asian Creole food, as well as exporting its own brand of spice mixture. The business is registered for GST, and accounts for
GST reporting ABC Ltd undertakes consulting services for sustainability issues. The company is registered for GST and accounts for GST on a cash basis. During June 2022 ABC Ltd recorded these
Contingent liabilities The following footnote is to be included in the financial statements of PQ Ltd.The company is being sued by X Ltd for the company’s alleged wilful and deliberate violation of
Contingent liabilities Several months ago, Endurance Battery Company experienced a hazardous materials spill at one of its plants.As a result, the state Environmental Protection Agency (EPA) fined

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