11.Which of the following statements concerning business entities is incorrect: a. Individual partners are personally liable for partnership debts b. The liability of shareholders to contribute to the debts of their company is normally limited c. Partnerships are regarded as separate legal entities d. In a publicly listed company, the shareholders do not automatically receive dividend payments when a company makes a profit during the current financial year e. A sole proprietorship is an accounting entity

9.Which of the following is not an important consideration in developing an accounting system: a. Internal Control b. Flexibility c. Eliminating all fraud d. Costs incurred and benefits provided e. Compatability

12. When preparing the financial statements of a business, which of the following statements concerning the Equity figure found in the Balance Sheet is correct? a. It is decreased by any Drawings made by the owners b. It is the owners claim to the Liabilities of the entity after deducting Assets c. It is increased by a Net Loss during the financial period d. It is fixed at the amount initially contributed by Shareholders when the business was formed e. It is the amount owed by the entity to both outside and internal parties

51. The following Accounts with Debit and Credit balances have been extracted from the Adjusted Trial Balance of Woodend Traders on 30/6/2022. The owner of the firm is Henry Lancashire.

Debit Balances $ in Adjusted Trial Balance

Accounts Receivable 202 333

Advertising Expense 760

Bad Debts 7 300

Cash at Bank 159 418

Drawings Henry Lancashire 160 743

Depreciation Expense - Buildings 7 100

Freight Inwards 5 640

Freight Outwards 7 450

Gas & Electricity Expense 26 600

GST Outlays 19 278

Interest Expense 2 940

Office Rent Expense 51 300

Office Wages Expense 32 040

Opening Inventory (1/7/2021) 110 310

Patents & Copyrights 16 000

Prepaid Advertising 3 080

Purchases 784 420

Sales Returns & Allowances 17 260

Salesmen Salaries 35 120

Warehouse Buildings 636 828

Total Debit Balances $ 2 285 920

Credit Balances $ in Adjusted Trial Balance

Accounts Payable 135 963

Accumulated Depreciation - Buildings 18 040

Capital Henry Lancashire 709 660

Dividend Income 4 030

GST Collections 28 330

Interest Income 2 312

Tax Payable 20 788

Mortgage Loan Payable (1/7/2036) 321 777

Purchases Returns & Allowances 8 400

Sales Revenue 1 036 620

Total Credit Balances $ 2 285 920

Additional Information:

The firm uses a Periodic Inventory System & the Closing Inventory on 30/6/2022 was $ 208 980.

Question

What are the Net Sales?

	a.	1 036 620
	b.	227 000
	c.	1 019 360
	d.	17 260
	e.	None of the above

1

52

1. How much are the Cost of Goods Sold?

   	a.	891 970
   	b.	690 440
   	c.	237 700
   	d.	677 350
   	e.	None of the above

1

53

1. What is the Gross Profit?

   	a.	328 920
   	b.	243 340
   	c.	342 010
   	d.	336 370
   	e.	None of the above

1

54

1. What are the Total Expenses?

   	a.	176 250
   	b.	175 190
   	c.	170 610
   	d.	172 110
   	e.	None of the above

1

55

1. What is the Net Profit or (Net Loss) for the period?

   	a.	167 522
   	b.	176 682
   	c.	172 102
   	d.	173 602
   	e.	None of the above

1

56

1. What are the Current Assets equal to?

   	a.	582 863
   	b.	589 811
   	c.	602 141
   	d.	593 089
   	e.	None of the above

1

57

1. What are the Non-Current Assets equal to?

   	a.	636 828
   	b.	618 788
   	c.	654 066
   	d.	634 788
   	e.	None of the above

1

58

1. How much are the Current Liabilities?

   	a.	176 029
   	b.	165 803
   	c.	203 121
   	d.	185 081
   	e.	None of the above

1

59

1. How much are the Non-Current Liabilities?

   	a.	330 829
   	b.	339 817
   	c.	321 777
   	d.	350 107
   	e.	None of the above

1

60

1. What is the Equity of the business equal to?

   	a.	716 439
   	b.	725 599
   	c.	721 019
   	d.	722 519
   	e.	None of the above

1