Q7 Prepare common size Balance Sheet of XRI Ltd. from the following information: Particulars I. Equity and Liabilities 1. Shareholders' Fund a) Share capital b) Reserves and surplus 2. Non-current liabilities Long-term borrowings 3. Current liabilities Trade Payable Total II. Assets 1. Non-current assets a) Fixed assets - Tangible asset Total Plant & machinery - Intangible assets Goodwill b) Non-current investments 2. Current assets Inventories Note No. March 31, 2016 X q ad 15,00,000 5,00,000 6,00,000 March 31, 2017 14,00,000 12,00,000 5,00,000 5,00,000 15,50,000 10,50,000 41,50,000 32,50,000 8,00,000 16,00,000 12,00,000 10,00,000 10,00,000 1,50,000 2,50,000 41,50,000 32,50,000
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- Capital structure refers to Select one: a. Total assets minus Liabilities b. Shareholders' equity c. Long-term debt, preferred stock, and common stock equity d. Current assets and Current liabilities3. Account classification. ASSETS a. Current assets b. Long-term investments c. Plant and equipment d. Intangibles e. Other assets LIABILITIES AND CAPITAL f. Current liabilities g. Long-term liabilities h. Preferred stock i. Common stock j. Additional paid-in capital k. Retained earnings 1. Items excluded from balance sheet Using the letters above, classify the following accounts according to the preferred and ordinary balance sheet presentation. 1. Bond sinking fund 2. Purchase 3. Accumulated Depreciation 4. Bonds payable (due 12/31/2021) 5. Premium on common stock 6. Trading debt investments 7. Inventory 8. Prepaid Insurance Expense 9. Patents 10. Unearned rent revenueWhich of the following constitutes an internal source of funds Oa. Corporate bonds b. Common stock Oc Commercial paper O d. Retained earnings and amortization cash flow
- Classified Balance Sheet Identify whether the proper classification for each account: Accounts receivable [Select] [ Select ] Current Liabilities Long-term Investments Current Assets Accounts payable Property, Plant and Equipment Equipment (Select ] Mortgage payable [ Select ) Owner's capital [Select] Stock Investments ISelect]27. Are the following statements true or false, according to IAS1 Presentation of Financial Statements? I. Provisions should be recognized in the statement of financial position. II. A revaluation surplus on non-current assets should be recognized in profit or loss. a. True, True b. False, True c. True, False d. False, FalseQ7. financial position. Assume that Masters Enterprises uses the following headings on its statement of Item Account headings (f) Non-current liabilities. (a) Investments. (g) Current liabilities. (b) Property, plant, and equipment. (h) Share capital. (c) Intangible assets. (i) Share premium. (d) Other assets. (j) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "X." Example: 1. Prepaid insurance. Current Asset 2. Investments in non-consolidated subsidiaries 3. Investments in the associated companies. 4. wasting resources (minerals) 5. Construction in progress 6. trade names 7. customer lists 8. Raw materials 9. Work in process 10. Finished goods 11. Spare parts
- Balance Sheet ClassificationA balance sheet contains the following classifications:(a) Current assets (g) Long-term debt(b) Investments (h) Other noncurrent liabilities(c) Property, plant, and equipment (i) Capital stock(d) Intangible assets (j) Additional paid-in capital(e) Other noncurrent assets (k) Retained earnings(f) Current liabilitiesIndicate by letter how each of the following accounts would be classified. Place a minus sign (–) for all accounts representing offset or contra balances. 1. Discount on Bonds Payable 2. Stock of Subsidiary Corporation 3. 12% Bonds Payable (due in 6 months)Liquid assets is determined by Select one: a. Current assets - current liabilities O b. Current liabilities- Bank overdraft c. Current assets +stock+ prepaid expenses O d. Current assets-stock-Prepaid expensesOn a classified statement of financial position, current assets are customarily listed? a. in the reverse order of liquidity O b. in alphabetical order O c. in the order of acquisition O d. with the largest dollar amounts first
- In column A, identify the account to which element it belongs whether Current Asset (CA), Noncurrent Assets (NCA), Current Liabilities (CL), Noncurrent liabilities (NCL) or Shareholders’ equity (SHE). In column B, indicate the line item to which the account belongs. Column A Column B1. Share Capital2. Accounts Payable 3. Plant Expansion Fund4. Trading Securities 5. Employees income tax payable6. Goodwill 7. Raw Materials8. Share Premium 9. Advances from customers 10. Serial bonds not collectible currently 11. Investment in Bonds 12. Notes Payable 13. Prepaid Insurance 14. Income Tax Payable 15. LandEquity equals to: O A. Total liabilities plus current assets O B. Current assets plus non-current assets less total liabilities. O C. Capital plus drawings. O D. Total assets less total liabilities.Identify each of the following independent transactions as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects assets, liabilities, stockholders' equity, net income, and cash flow by selecting a + for increase, - for decrease, or leave cell blank for not affected under each of the categories. The first event is recorded as an example. a. Provided services on account. b. Wrote off an uncollectible account (use the direct write-off method). c. Loaned cash to H. Phillips for one year at 6 percent interest. d. Collected cash from customers paying their accounts. e. Paid cash for land. f. Sold merchandise at a price above cost. Accepted payment by credit card. The credit card company charges a service fee. The receipts have not yet been forwarded to the credit card company. Record this event as two transactions. Reference the sales transaction as f1 and the cost of goods sold transaction as f2. g. Provided services for cash.…