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ACC1100 - ACF1100 - Introduction to financial accounting - S2 2025
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A debt ratio that has changed from 46.5% to 40.3% suggests a reduction in financial risk.
AEF Ltd’s financial records reveal the following information at 31 December 2024:Total Sales (Cash and Credit) for 2024: $280,000
Total Cash Sales for 2024: $100,000 Ending Accounts Receivable: $52,200The number of days taken to collect average accounts receivable for 2024 is closest to:
CEF Ltd’s financial records reveal the following information at 31 December 2024:Total Sales for 2024: $1,550,000
Ending Accounts Receivable: $250,000Beginning Accounts Receivable: $350,000The number of days taken to collect average accounts receivable for 2024 is closest to:
MNO Company’s liabilities and equity total $1,000,000. Their return on assets ratio is:
DEF Ltd’s financial records reveal the following information at 31 December 2024:
Total Sales (Cash and Credit) for 2024: $280,000Total Cash Sales for 2024: $100,000 Ending Accounts Receivable: $25,000 Beginning Accounts Receivable: $35,000
An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the Dividend Payable balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
When preparing the financial statements of Alpha Ltd, the accountant found the following information: opening balance of Retained earnings $65,000; After-tax losses of $20,000; Dividends declared $7,500, Transfer to reserves $10,000. The closing balance of Retained earnings for Alpha Ltd is:
An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the Retained Earnings balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 2024.
During the financial year ending 30 June 2025, the company reported a before-tax profit of $1,080,000 (after-tax profit $762,000).
They also transferred $370,000 to a General Reserve.
Directors declared a dividend of $0.30 per share to be paid in September 2025.
An extract of the balance sheet of Magenta Ltd at 30 June 2025 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral Reserve What amount would be shown for Dividend Payable?Enter only digits, no dollar sign, no comma.