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Question 1: Preparation and Presentation of the Balance Sheet/Statement of Financial Position Upside-Down Trading Limited, a company listed on the Music Stock Exchange, is a trading and investment entity. The company trades exclusively in steel and aluminium component, and also has an investing arm. Upside-Down Trading Limited have just engaged you as their finance director to assist in the preparation of the entity's 2021 financial statements. The financial period of the company is from September 1 to August 31 The company has provided you the following list of accounts, and the trial balance totals per each account, as at end of their current final year: Trial Balance Figure $50,000,000 $5,000,000 $15,890,000 $14,500,000 $11,950,000 $4,100,000 $56,100,390 $6,900,000 $8,100,000 $4,502,000 $18,540,000 $75,650,000 $16,850,000 $196,000,000 $215,580,000 $5,100,450 $1,830,000 $1,520,000 $218,702,000 $168,221,000 $5,020,000 $312,512,000 $150,072,000 $122,589,000 $158,900,000 $6,500,000 Account Name 11% Debentures 7% Bonds (Due in Less than 12 Months) Accounts Payable Accounts Receivables Cash and Cash Equivalents Copyright andR&D Cost of Goods Sold Current Tax Liabilities Employee Benefit Obligations Finance Expenses Goodwill Inventory Loans Due in Less than 12 Months Long-Term Investments Long-Term Loans Loss on Sale of Equipment Other Payables Other Receivables (Due in more than 12 Months) Paid-Up Capital Plant and Equipment Prepaid Expenses Property Reserves Retained Earnings Sales Revenue Short-Term Investments Additional Information: 1. During the year, Upside-Down Trading Limited purchased $7,000,000 worth of machine equipment that has yet to be added to the relevant non-current asset account. 2. For the period ended August 31, 2021, Upside-Down Global Trading Limited recorded a loss of $7,500,000. This amount has already been closed to the Retained Earnings balance as per the trial balance. 3. The internal auditor found from a recent review that $4,000,000 of loans listed as being payable in next 12 months are not due till 2026. oe All prepaid expenses are expected to be consumed by the end of December 31, 2021. 4. Page | 2 5. Upside Down Trading Limited has been offered $15,000,000 to sell its properties. The transaction would -if accepted-be accepted in June 2028. 6. In 2019 the company sold property valued at $19,000,000 for $26,000,000. The company is of the opinion that in 2024 it will purchase property to the value of $1 1,000,000. 7. The value of the Inventory as shown in the trial balance is the net realizable value. The value of inventory at cost is $65,650,000. Required: Using the information supplied, prepare a balance sheet/statement of financial position for Upside-Down Trading Limited for the end of 2025 that conforms with IFRS IAS I recommendations and requirements of the course. Question 2: Preparation and Presentation of the Income Statement Flexible and Confused Limited has just employed you as the new finance director. The first task you have been assigned to complete is to prepare the income statement for the 12-month period ended March 31, 2018. On your desk on your first day, the previous finance director left valuable information to complete the task 1. During the year Flexible and Confused Limited- a company that sells dishwashers-sold a total of 13,187,000 units at an average sales price of $41.25. 2. The old finance director also indicated that direct labour, direct material and applied overhead were cqual to 20%, 12% and 25 % of total sales revenue. 3. Following is a list of other expenses incurred by the company. xpse Account Advertising and Marketing Costs. Sales Entertainment Selling Insurance Office Repairs and Maintenance Office Depreciation Wages of General Operations Staff Salaries Sales Staff Administrative Travel Costs Total Incu ed $5,512,000.00 $2,561,000.00 $690,000.00 $1,590,000.00 $14,457,000.00 $12,801,000.00 S11,036,000.00 $1,260,000.00 4. On January 1, 2018, the company sold a piece of equipment held for investment and recognized a loss on the sale of $4,221,000 5. The company also enjoyed revenue from other sources noted as: Other Income totalling $9,050,000 and Interest Revenue totalling $8,661,000. On April 1, 2017, the company sold land that resulted in a loss of $4,891,000. 6. 7. If the company reports a profit during the year, the effective corporate tax rate is 25 %. If a loss is reported the effective tax rate is zero. 8. The company incurred finance interest charges during the accounting period of $22,890,000. The company is involved in joint venture operations. As a result of goof financial conditions, the company recorded a net gain of $6,079,000 from its share of the joint venture operations. 10. From the operations of its associate firms, the company expects to record a net gain of $42,287,000 for the financial period ended March 31, 2019. Required: Using the information supplied, prepare an income statement for Flexible and Confused Limited for the accounting period that conforms with IFRS IAS I recommendation and course requirements. (Hint: Expenses should be classified by function (e.g, cost of goods sold) not nature. Page | 4 Question 1: Preparation and Presentation of the Balance Sheet/Statement of Financial Position Upside-Down Trading Limited, a company listed on the Music Stock Exchange, is a trading and investment entity. The company trades exclusively in steel and aluminium component, and also has an investing arm. Upside-Down Trading Limited have just engaged you as their finance director to assist in the preparation of the entity's 2021 financial statements. The financial period of the company is from September 1 to August 31 The company has provided you the following list of accounts, and the trial balance totals per each account, as at end of their current final year: Trial Balance Figure $50,000,000 $5,000,000 $15,890,000 $14,500,000 $11,950,000 $4,100,000 $56,100,390 $6,900,000 $8,100,000 $4,502,000 $18,540,000 $75,650,000 $16,850,000 $196,000,000 $215,580,000 $5,100,450 $1,830,000 $1,520,000 $218,702,000 $168,221,000 $5,020,000 $312,512,000 $150,072,000 $122,589,000 $158,900,000 $6,500,000 Account Name 11% Debentures 7% Bonds (Due in Less than 12 Months) Accounts Payable Accounts Receivables Cash and Cash Equivalents Copyright andR&D Cost of Goods Sold Current Tax Liabilities Employee Benefit Obligations Finance Expenses Goodwill Inventory Loans Due in Less than 12 Months Long-Term Investments Long-Term Loans Loss on Sale of Equipment Other Payables Other Receivables (Due in more than 12 Months) Paid-Up Capital Plant and Equipment Prepaid Expenses Property Reserves Retained Earnings Sales Revenue Short-Term Investments Additional Information: 1. During the year, Upside-Down Trading Limited purchased $7,000,000 worth of machine equipment that has yet to be added to the relevant non-current asset account. 2. For the period ended August 31, 2021, Upside-Down Global Trading Limited recorded a loss of $7,500,000. This amount has already been closed to the Retained Earnings balance as per the trial balance. 3. The internal auditor found from a recent review that $4,000,000 of loans listed as being payable in next 12 months are not due till 2026. oe All prepaid expenses are expected to be consumed by the end of December 31, 2021. 4. Page | 2 5. Upside Down Trading Limited has been offered $15,000,000 to sell its properties. The transaction would -if accepted-be accepted in June 2028. 6. In 2019 the company sold property valued at $19,000,000 for $26,000,000. The company is of the opinion that in 2024 it will purchase property to the value of $1 1,000,000. 7. The value of the Inventory as shown in the trial balance is the net realizable value. The value of inventory at cost is $65,650,000. Required: Using the information supplied, prepare a balance sheet/statement of financial position for Upside-Down Trading Limited for the end of 2025 that conforms with IFRS IAS I recommendations and requirements of the course. Question 2: Preparation and Presentation of the Income Statement Flexible and Confused Limited has just employed you as the new finance director. The first task you have been assigned to complete is to prepare the income statement for the 12-month period ended March 31, 2018. On your desk on your first day, the previous finance director left valuable information to complete the task 1. During the year Flexible and Confused Limited- a company that sells dishwashers-sold a total of 13,187,000 units at an average sales price of $41.25. 2. The old finance director also indicated that direct labour, direct material and applied overhead were cqual to 20%, 12% and 25 % of total sales revenue. 3. Following is a list of other expenses incurred by the company. xpse Account Advertising and Marketing Costs. Sales Entertainment Selling Insurance Office Repairs and Maintenance Office Depreciation Wages of General Operations Staff Salaries Sales Staff Administrative Travel Costs Total Incu ed $5,512,000.00 $2,561,000.00 $690,000.00 $1,590,000.00 $14,457,000.00 $12,801,000.00 S11,036,000.00 $1,260,000.00 4. On January 1, 2018, the company sold a piece of equipment held for investment and recognized a loss on the sale of $4,221,000 5. The company also enjoyed revenue from other sources noted as: Other Income totalling $9,050,000 and Interest Revenue totalling $8,661,000. On April 1, 2017, the company sold land that resulted in a loss of $4,891,000. 6. 7. If the company reports a profit during the year, the effective corporate tax rate is 25 %. If a loss is reported the effective tax rate is zero. 8. The company incurred finance interest charges during the accounting period of $22,890,000. The company is involved in joint venture operations. As a result of goof financial conditions, the company recorded a net gain of $6,079,000 from its share of the joint venture operations. 10. From the operations of its associate firms, the company expects to record a net gain of $42,287,000 for the financial period ended March 31, 2019. Required: Using the information supplied, prepare an income statement for Flexible and Confused Limited for the accounting period that conforms with IFRS IAS I recommendation and course requirements. (Hint: Expenses should be classified by function (e.g, cost of goods sold) not nature. Page | 4