WHO .UF Document29 - Microsoft Word X File Home Insert Page Layout References Mailings Review View & Cut Calibri (Body) - 11 . A A Aa * 4) = = 1 2 AaBbCcDdEe Copy AaBbCcDdEe AaBbCcDd AaBbCcDd AaBb( AaBbCcDdE AA Find zac Replace Paste B I U abe x2 x . _ _ E Format Painter 1 Normal 1 No Spacing Heading 1 Heading 2 Title Subtitle Change Select Styles Clipboard Font Paragraph Styles Editing 1 1 0 8 01. . 1 . . . 1 . . 2 . . . 1 . . . 3 . . . 1 . . .4 . . . 1 . .5 . . . 1 . . 6 . . .1. 17 . . . 1 .. swer the two following unrelates question shown below . .1 . . Br PART A (15 MARKS) The following information was obtained from the accounting records and financial statements of APC Corporation, a wholesaler that specializes in selling printers for computers. APC CORPORATION Comparative Balance Sheets November 30 2019 2018 Assets $150,000 Accounts receivable $60 000 Inventory 490,000 Inventory 410 00 516,000 Investment 260,060 Machinery and equipment 1,120,000 1,120,000 Accumulated depreciation ( 600,000) ( $20,000) Goodwill 120,000 170,000 $2,050,000 $2,206,000 Liabilities and shareholders' equity Accounts payable - Trade $24,000 $600,000 370,00 Ordinary shares 500,000 800,000 720.000 Retained earnings 356,000 386,000 PART B O MARKS $2,050,000 $2,206,000 DE. $306.806 QUESTION 4 -(PART A) CONT'D Answer the two follow APC CORPORATION Sales $6.400,000 Cost of goods sold 4,800,000 Gross profit 1.600,000 phones and wages expenses 110,000 Other expenses $30,000 Gain on disposal of machine tociate Loss on impairment of good 50,000 Net income $240,000 Additional information APC sold display value of $60,000. There were no purchase thent that had an onginal cost of $80. Depreciation expense is included as part of APC's "other expenses". APC declared and paid cash dividends on November 1, 2019. iv . APC's investment in associate represents an investment in 30% of the shares of Moon made several years ago. Moon has never paid dividends. APC has assessed goodwill for impairment since it was recorded in 2017. During 2019, APC determined that the fair value of goodwill had decreased by $50,000. Required 11. . . 1 . . .10 Prepare the cas 2019. for APC for the year ended Noven (15 marks) Page: 1 of 2 |Words: 0 1 57% + Type here to search O 7:35 AM 12/17/2020