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XX Co.'s statement of financial position at period start is shown below: Required: (A) Show the new statement of financial position after the following transactions have occurred following time sequence: (A) Show the new statement of financial position after the following transactions have occurred following time sequence: (i) New plant purchased for $200K using $20K of cash and $180K of long-term debt. (ii) Inventory purchased for cash $50K (iii) Inventory sold for $100K on credit (use FIFO assumption) - see details below. (iv) Old equipment valued at $20K written off as obsolete. (v) Buildings depreciated by $40K (vi) Accounts owing by customers received in cash $70K (vii) All services previously treated as deferred revenue delivered satisfactorily (viii) New services sold for 540k ( 540K cash has been received) but services not yet delivered (ix) New share equity issued for $90K (received in full, in cash) (x) New short-term debt of $120K raised and used to buy software system (xi) Software modified at cost of $30K using cash from bank (xii) Software fails causing delays and frustration and written down to new book value of $40K. (xiii) Land value written up to $100K (because land rezoned and market value has jumped) (xiv) Taxes of $30K paid in cash (xy) Wages paid S100K cash (xvi) Dividends paid in cash to shareholders S20K (xvii) Period opening accounts payable all paid in cash (xviii) New automobile bought on credit $30K using short term \{3 year) bank loan (xix) Prepaid expenses (fire insurance) expire. (xx) Consultancy income received in cash $320K Extra information: Inventory is valued at cost and there have been no write-downs to market. There were 10 units of inventory in stock at the start of the period (they cost a total of $15K ). There were 10 units of inventory purchased this period (at total cost $50K ). There were 15 units of inventory sold during the period (for total retail price $100K). (B) Produce an income statement showing the net income (accounting profit) for the period and also produce the resulting statement of financial position at period end (after the transactions listed above). (C) How accurate/objective, do you think, is the firm's decision to revalue the software to 540K ? Explain in 34 ines max If there is infiation, will the FIFO assumption tend to reduce this period's profit or increase it? Why? XX Co.'s statement of financial position at period start is shown below: Required: (A) Show the new statement of financial position after the following transactions have occurred following time sequence: (A) Show the new statement of financial position after the following transactions have occurred following time sequence: (i) New plant purchased for $200K using $20K of cash and $180K of long-term debt. (ii) Inventory purchased for cash $50K (iii) Inventory sold for $100K on credit (use FIFO assumption) - see details below. (iv) Old equipment valued at $20K written off as obsolete. (v) Buildings depreciated by $40K (vi) Accounts owing by customers received in cash $70K (vii) All services previously treated as deferred revenue delivered satisfactorily (viii) New services sold for 540k ( 540K cash has been received) but services not yet delivered (ix) New share equity issued for $90K (received in full, in cash) (x) New short-term debt of $120K raised and used to buy software system (xi) Software modified at cost of $30K using cash from bank (xii) Software fails causing delays and frustration and written down to new book value of $40K. (xiii) Land value written up to $100K (because land rezoned and market value has jumped) (xiv) Taxes of $30K paid in cash (xy) Wages paid S100K cash (xvi) Dividends paid in cash to shareholders S20K (xvii) Period opening accounts payable all paid in cash (xviii) New automobile bought on credit $30K using short term \{3 year) bank loan (xix) Prepaid expenses (fire insurance) expire. (xx) Consultancy income received in cash $320K Extra information: Inventory is valued at cost and there have been no write-downs to market. There were 10 units of inventory in stock at the start of the period (they cost a total of $15K ). There were 10 units of inventory purchased this period (at total cost $50K ). There were 15 units of inventory sold during the period (for total retail price $100K). (B) Produce an income statement showing the net income (accounting profit) for the period and also produce the resulting statement of financial position at period end (after the transactions listed above). (C) How accurate/objective, do you think, is the firm's decision to revalue the software to 540K ? Explain in 34 ines max If there is infiation, will the FIFO assumption tend to reduce this period's profit or increase it? Why
