Hi,

I know there are many questions. BUt I would like to take help for solving the following question. Please send me all the solved question. Answers are known to us but we dont know how to solve it.

The following information relates California Ltd and pertains to the next four questions.

A summary of the entries in the cash ledger account of California Ltd for the month of January 2018 was as follows:

$000

Opening balance50

Cash from accounts receivable 40

Cash sales25

Dividends received10

Cash from issue of shares60

Payments to accounts payable 30

Payments for wages15

Purchase of land20

Payment of dividends20

Purchase of plant45

Payment of taxes25

Payment of interest10

Closing balance20

1.What were the receipts from customers of California Ltd?

A.$25,000

B.$40,000

C.$65,000

D.$135,000

E.None of the above

2.What were the payments to suppliers and employees of California Ltd?

A.$45,000

B.$55,000

C.$80,000

D.None of the above

3.What was the cash flow from investing activities of California Ltd?

A.($5,000)

B.($20,000)

C.($45,000)

D.($65,000)

E.None of the above

4.What was the cash flow from financing activities of California Ltd?

A.$60,000

B.$40,000

C.($20,000)

D.None of the above

The following information relates to Boston Ltd and pertains to the following three questions.

$

Cash sales

300

Cash collected from accounts receivable

250

Dividends received

130

Interest received

140

Interest paid

150

Cash paid to accounts payable

290

Proceeds of sale of investments

330

Issue of shares

450

Loan obtained

360

Tax paid

470

Wages paid to employees

410

Share buy-back

490

Purchase of property, plant and equipment

120

5.What was Boston Ltd's cash flow from operating activities?

A.($90)

B.($350)

C.($610)

D.($500)

E.None of the above

6.What was Boston Ltd's cash flow from investing activities?

A.$570

B.$210

C.($290)

D.($330)

E.None of the above

7.What was Boston Ltd's cash flow from financing activities?

A.$320

B.$430

C.($40)

D.$700

E.None of the above

The following information relates to San Jose Ltd and pertains to the next two questions.

San Jose Ltd decided to change its accounting for long service leave, to accrue the expense sooner than had been done previously. The effect on provision for employee entitlements as at the end of 2017 was to increase it by $14,000. By the end of 2018, the liability would go up by $21,000. Ignore tax.

8.What would be the effect of the change on San Jose Ltd's 2017 net profit?

A.$9,100 higher

B.$14,000 lower

C.$14,000 higher

D.None of the above

9.What would be the effect of the change on San Jose Ltd's 2018 cash from operations?

A.$2,450 lower

B.$4,550 lower

C.$7,000 lower

D.No cash effect

E.None of the above

10.In 2017 LA Ltd collected $25,000 from customers for sales made in 2016 and $210,000 for sales made in 2017. In 2018 it collected $23,000 from customers for sales made in 2017. At that point, all 2016 and 2017 sales had been collected.

What were LA Ltd's operating cash receipts for 2017?

A.$210,000

B.$233,000

C.$235,000

D.$258,000

E.None of the above

The following information relates to Seattle Ltd and pertains to the next two questions.

In 2017 Seattle Ltd paid $1,900 for 2016 expenses, $32,000 for 2017 expenses and $4,000 advance payment for 2018 expenses. In 2018 it paid $8,000 for 2017 expenses. Furniture depreciation for 2017 was $5,000.

11.What were Seattle Ltd's operating cash payments for 2017?

A.$32,000

B.$37,900

C.$42,900

D.None of the above

12.What was Seattle Ltd's accrual accounting expense for 2017?

A.$37,000

B.$40,000

C.$50,900

D.None of the above

13.For Denver Ltd the opening and closing balances of accounts receivable were $100,000 and $170,000 respectively. Sales on credit were $200,000.

What was the amount of cash received from the customers of Denver Ltd?

A.$130,000

B.$200,000

C.$270,000

D.$300,000

E.None of the above

14.The following information is taken from the accounts of San Jose Ltd for year ended 30 June 2018:

$

Opening balance, accounts receivable 50,000

Closing balance, accounts receivable60,000

Credit sales120,000

Cash sales180,000

Discount allowed to accounts receivable5,000

What was the amount of cash received from the customers of San Jose Ltd?

A.$105,000

B.$285,000

C.$290,000

D.$305,000

E.None of the above

15.The cost of merchandise sold during the year by Miami Ltd was $50,000. Merchandise inventories were $11,500 and $9,500 at the beginning and end of the year respectively. Accounts payable were $5,000 and $4,000 at the beginning and end of the year respectively.

Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total:

A.$49,000

B.$47,000

C.$51,000

D.$53,000

The following information relates to Houston Ltd the next two questions.

It is taken from the accounts of Houston Ltd for the year ended 31 December 2018.

$

Inventory, 1 January 2018 250,000

Inventory, 31 December 2018290,000

Accounts Payable, 1 January 2018 130,000

Accounts Payable, 31 December 2018 190,000

Cost of goods sold600,000

16.What was the value of inventory purchased by Houston Ltd throughout the year?

A.$560,000

B.$600,000

C.$640,000

D.None of the above

17.What was the amount paid by Houston Ltd to suppliers during the year?

A.$700,000

B.$580,000

C.$540,000

D.None of the above

18.Operating expenses other than depreciation for the year for Miami Ltd were $600,000. Prepaid expenses increased by $10,000 and accrued expenses decreased by $20,000 during the year. Cash payments for operating expenses to be reported on the cash flow statement using the direct method by Miami Ltd would be:

A.$570,000

B.$580,000

C.$630,000

D.$590,000

E.None of the above

19.The prepaid insurance account of Port Headland Ltd showed an opening balance of $22,000 and a closing balance of $25,000. Insurance expense was $67,000. What was the cash payment for insurance made by Port Headland Ltd?

A.$64,000

B.$67,000

C.$70,000

D.None of the above

20.The wages payable account of San Francisco Ltd showed an opening balance of $27,000 and a closing balance of $42,000. Wages expense was $590,000. What was the cash payment for wages made by San Francisco Ltd?

A.$575,000

B.$590,000

C.$605,000

D.None of the above

21.The income tax payable account of Broken Hill Ltd showed an opening balance of $62,000 and a closing balance of $75,000. Income tax expense was $68,000.

What was the income tax paid by Broken Hill Ltd?

A.$55,000

B.$68,000

C.$81,000

D.None of the above

22.Income tax expense of Broken Hill Ltd was $200,000 for the year. Income tax payable was $20,000 and $30,000 at the beginning and end of the year. Cash payment for income tax reported by Broken Hill Ltd on the cash flow statement using the direct method is:

A.$200,000

B.$190,000

C.$220,000

D.$230,000

E.None of the above

23.The following information was taken from the accounts of San Francisco Ltd:

$000

Prepaid expenses, 1 January 2018170

Prepaid expenses, 31 December 2018200

Expenses payable, 1 January 201850

Expenses payable, 31 December 201840

Total expenses incurred year ended 31 December 2018

(including depreciation 80)750

What were the cash payments for expenses year ended 31 December 2018 by San Francisco Ltd?

A.$630,000

B.$710,000

C.$790,000

D.None of the above

24.The net operating profit of Denver Ltd was $31,000. Depreciation expense was $10,000 and gain on sale of equipment $2,000. Accounts receivable increased by $15,000 and inventory decreased by $7,000. Accounts payable decreased by $8,000.

What was Denver Ltd's cash flow from operations?

A.$47,000

B.$39,000

C.$25,000

D.$23,000

E.None of the above

25.California Ltd made a net operating loss of $42,000. Depreciation expense was $80,000 and loss on sale of motor vehicles, $170,000. Accounts receivable increased by $65,000 and inventory decreased by $18,000. Accounts payable increased by $160,000 and expenses payable decreased by $1,000.

What was the cash flow from operations for California Ltd?

A.$404,000

B.$320,000

C.$(20,000)

D.None of the above

26.The net profit reported on the income statement by Boston Ltd for the current year was $50,000. Depreciation on property, plant and equipment and amortisation of goodwill was $30,000 and $1,000 respectively.

What is the amount of cash flows from operating activities that would appear on the statement of cash flows prepared by Boston Ltd using the indirect method?

A.$19,000

B.$49,000

C.$81,000

D.$80,000

E.None of the above

27.Determine the cash received from customers for LA Ltd on account during July based on the following data:

Accounts receivable account balance, July 1, $16,100

Accounts receivable account balance, July 31, $14,000

Credit sales during July$40,000

A.$37,900

B.$40,000

C.$42,100

D.None of the above

28.Income tax expense for San Jose Ltd was $200,000 for the year. Income tax payable was $20,000 and $30,000 at the beginning and end of the year. Cash payment for income tax reported on San Jose Ltd's cash flow statement using the direct method is:

A.$200,000

B.$190,000

C.$220,000

D.$230,000

E.None of the above

The following information relates to Geelong Ltd and pertain to the next two questions.

29.$

Inventory 1 July 201720,000

Inventory 30 June 201830,000

Accounts payable 1 July 2017 38,000

Accounts payable 30 June 2018 47,000

Cost of goods sold 500,000

The amount of inventory purchased by Geelong Ltd during the year was:

A.$490,000

B.$500,000

C.$510,000

D.$520,000

E.None of the above

30.The amount of cash paid to suppliers by Geelong Ltd during the year was:

A.$ 10,000

B.$501,000

C.$510,000

D.$519,000

E.None of the above

31.Dividends of $100,000 were declared by the management of Silicon Valley Ltd during the year, and the balance in the dividends payable account at the beginning and at the end of the year was $15,000 and $25,000 respectively. What amount would be reported as payment of dividends in the cash flows from financing activities section of Silicon Valley Ltd's statement of cash flows?

A.$90,000

B.$25,000

C.$100,000

D.$110,000

E.None of the above

32.

32.If Seattle Ltd has equipment which cost $100,000 and has accumulated depreciation of $70,000 is sold for $20,000, the journal entry to record the sale would include:

A.CrLoss on sale$10,000

B.DrGain on sale$10,000

C.DrAccumulated Depreciation$70,000

D.CrEquipment$20,000

E.None of the above

The following information relates to Albany Ltd and pertains to the following two questions.

Albany Ltd purchased a motor vehicle for $45,000 on 1 July 2016. The vehicle was expected to have a '4 year life', a $13,000 trade-in value and was expected to be driven for 160,000 km. The financial period ends on 30 June.

33.Assuming Albany Ltd used the straight-line method of depreciation, the accumulated depreciation at 30 June 2018 was:

A.$8,000

B.$16,000

C.$22,500

D.$24,000

E.None of the above

34.Assuming Albany Ltd used the straight-line method of depreciation, the net book value at 30 June 2019 was:

A.$8,000

B.$11,250

C.$21,000

D.$29,000

E.None of the above

The following information relates to Broome Ltd and pertain to the next two questions.

Consecutive balance sheets of Broome Ltd showed the following balances:

30 June

20182017

$'000$'000

Land650400

Asset revaluation reserve120-

Borrowings270300

During year ended 30 June 2018 land was revalued upwards by $120,000 and $80,000 was borrowed to acquire land.

35.What was the value of land purchased for cash by Broome Ltd?

A.$50,000

B.$130,000

C.$170,000

D.None of the above

36.What was the amount of borrowings repaid during the year by Broome Ltd?

A.$30,000

B.$50,000

C.$110,000

D.$270,000

E.None of the above

The following information relates to California Ltd and pertains to the next three questions.

It is taken from the accounts of California Ltd.

$

Plant, 1 July 2017200

Plant, 30 June 2018250

Accumulated depreciation - plant, 1 July 201740

Accumulated depreciation - plant, 30 June 201850

Depreciation expense-plant year ended 30 June 201842

Loss on sale of plant year ended 30 June 20189

Cost price of plant sold during the year70

37.What was the accumulated depreciation on plant sold by California Ltd during the year?

A.$32,000

B.$42,000

C.$52,000

D.None of the above

38.What was the value of plant purchased by California Ltd?

A.$20,000

B.$70,000

C.$88,000

D.$120,000

E.None of the above

39.What were the proceeds from the sale of plant by California Ltd?

A.$9,000

B.$19,000

C.$29,000

D.None of the above

The following information relates to Austin Ltd and pertains to the next three questions.

It is taken from the accounts of Austin Ltd.

$000

Motor vehicles, 1 January 2018620

Motor vehicles, 31 December 2018740

Accumulated depreciation

- motor vehicles, 1 January 2018230

Accumulated depreciation

- motor vehicles, 31 December 2018290

Depreciation expense

- motor vehicles, year ended 31 December 2018150

Gain on sale of motor vehicle,

year ended 31 December 201810

Cost price motor vehicles sold during the year130

40.What was the accumulated depreciation on motor vehicle sold by Austin Ltd during the year?

A.$90,000

B.$150,000

C.$210,000

D.None of the above

41.What was the value of motor vehicles purchased by Austin Ltd for cash?

A.$140,000

B.$190,000

C.$250,000

D.None of the above

42.What were the proceeds from sale of motor vehicles received by Austin Ltd?

A.$30,000

B.$40,000

C.$50,000

D.$140,000

E.None of the above

43.If a gain of $50,000 is made Boston Ltd in selling equipment having a book value of $250,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:

A.$50,000

B.$200,000

C.$300,000

D.$250,000

E.None of the above

44.The retained profits of LA Ltd at the beginning of the year were $270,000 and at the end of the year $320,000. Net profit after tax for the year was $510,000. During the year $100,000 was transferred to General Reserve. Proposed final dividend at the end of the year $250,000. What was the amount of interim dividend paid by LA Ltd during the year?

A.$110,000

B.$160,000

C.$260,000

D.$360,000

E.None of the above

The following information relates to Silicon Valley Ltd and pertain to the next two questions.

It is taken from the financial statements of Silicon Valley Ltd for year ended 30 June 2018:

$000

Retained profits, 1 July 201760

Retained profits, 30 June 201880

Net profit before tax820

Income tax expense390

Final dividend payable, 30 June 2018230

Transfer from reserves to retained profits50

45.What was the amount of interim dividend paid by Silicon Valley Ltd during the year?

A.$620,000

B.$460,000

C.$230,000

D.$210,000

E.None of the above

The following information relates to Denver Ltd and pertains to the next three questions.

During the year Denver Ltd received $50,000 from its customers, $5,000 for the sale of a motor vehicle and $20,000 for the issue of shares. It paid $27,000 to suppliers and employees, $3,000 for income tax and $50,000 for new machinery. In addition, it paid out $12,000 to redeem bonds. Its cash balance at the commencement of the year was $22,000.

46.What were Denver Ltd's cash flows from operating activities?

A.$25,000

B.$23,000

C.($17,000)

D.None of the above

47.What were Denver Ltd's cash flows from investing activities?

A.$8,000

B.$45,000

C.($45,000)

D.None of the above

48.What were Denver Ltd's cash flows from financing activities?

A.$20,000

B.$8,000

C.($12,000)

D.None of the above

The following information relates to Houston Ltd and pertains to the following two questions.

$

Cash sales

400,000

Cash collected from accounts receivable

260,000

Dividends received

230,000

Interest received

340,000

Interest paid

50,000

Cash paid to accounts payable

280,000

Proceeds of sale of equipment

330,000

Issue of shares

440,000

Loan obtained

360,000

Tax paid

370,000

Wages paid to employees

480,000

Share buy-back

490,000

Purchase of property, plant & equipment

120,000

49.What was Houston Ltd's cash flow from investing activities?

A.$330,000

B.($120,000)

C.$450,000

D.$210,000

E.None of the above

50.What was Houston Ltd's cash flow from financing activities?

A.$310,000

B.$440,000

C.($80,000)

D.$810,000

E.None of the above

Thanks

Emerald