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Fundamental accounting ,: oversea students TERFundamental Accounting _. The following statement of financial position and statement of comprehensive incomes for the year ended 31 December were extracted from the full set of financial statements of Alex Ltd. The statement of financial position 20x9 20x8 Asset Fixed assets Inventory Trade debtors Bank and cash 468,564 21,400 21,650 66.540 578.154 256,464 17,890 25,200 60.000 359.554 Liability Trade creditors Interest payable Loan 15,900 1,800 120.000 137.700 18,900 600 120.000 139.500 Equity Share capital Share premium Reserve 200,000 230,000 10.454 440.454 578.154 120,000 100,000 54 220.054 359.554 The statement of comprehensive income 20X9 Sales 150,000 Cost of sales 69,000 Gross profit 81,000 Depreciation charge 13,000 Interest cost 7,200 Other operating expenses 47.800 Profit before tax 13,000 Tax 2.600 Profit after tax 10,400 Additional information - During the year, a bonus issue of 1 share for every 4 held (The par value of the shares outstanding is Sl) at 1 January 20X9 followed by a right issue on 5 February 20X9 at $1.2 each. - The company sold a machine with a NBV of $15,000 for $12,000. - A five years loan of $100,000 was raised on December 31, 20X8 with annual interest rate of 6%, and the interest expense has not been charged. Required: 1. What is the definiton of asset, liablity and equity? What are the the relationship between them? (5 marks) 2. What is the definition of inventory? What is the difference between inventory and non-current tangible assets? Please provide an example to caculate the cost of goods sold frome opening inventory closing inventory. (10 marks) 3. Why does company provide depreciation expense for non-current tangible assets? (5 marks) 4. Calculate related ratios and common Alex Ltd's long-term and short-term solvency.(10 marks). 5. Calculate the Inventory turnover period, Receivables collection period and Payables payment period and explain it's working capital cycle (10 marks). Times New Ro... 12 A A A A abc A 1 NP BI U abe X2 X2 A A = (Fundagental Accounting ,: overse students 6. What are the differences between inventory's carriage inward and carriage outward when we include them into the statement of profit or loss? (8 marks) 7. A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20x3 the following transactions took place: 20x2 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20x3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20x3? $188,500 B $195,500 $166,000 D None of these figures (2 marks) Workings are needed.) 8. To make double entries and show its capital structure following: (a) A '1 for 4' bonus issue (b)A rights issue of '1 for 5' at $1.2 following the bonus issue, assuming all rights taken up (10 marks) 9. To make double entries for the machine disposed (5 marks).|| 10. To make double entries for the loan interest required (5 marks). 11. To prepare the statement of profit or loss for the year ended 31 December 20X9 (10 marks). 12. To prepare the statement of financial position as at the date of 31 December 20X9 (20 marks). 38 34