D5. The Club of Winston Churchill has the following items disclosed on its balance sheet. The only item missing is owners' equity: Accounts receivable $25 000 Motor vehicles $30 000 Cash 40 000 Notes payable 15 000 Bank overdraft 15 000 Goodwill 25 000 Loan payable 150 000 Prepaid rent 3 500 Office building 90 000 Plant and equipment 80 000 What are the values of the club's total assets and net assets? Total assets $308 500 and net assets $98 500 Total assets $293 500 and net assets $113 500 Total assets $238 500 and net assets $110 000 Total assets $293 500 and net assets $110 000 6. Which of the following is not an example of other comprehensive income? Gains from the sale of an item of property, plant and equipment Increase in the fair value of financial instruments qualifying as effective cash flow hedges Increase in the fair value of property, plant and equipment as a result of a revaluation Gains from translation of a foreign subsidiary's accounts D7 Company XYZ recorded net profit after tax of $150 million for the period. In addition it recognised the following changes in fair values for the period: Available-for-sale securities + $10 million Cash flow hedges - $5 million Land + $85 million What would be the amount of total comprehensive income for the period? $90 million $95 million $240 million $150 million 8. A limitation of the balance sheet is that it represents the position of an entity: for a period of time, meaning asset values may fluctuate. at one point in time, but excluding all intangible assets. for a period of time, including assets which may not have been used during that time. at one point in time, meaning it is relevant only at that point in time