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 Mercedes Co has owned 100% of Benz Co since incorporation. At 31 March 20X9 extracts from their individual statements of financial position were as follows.

Mercedes Co Benz Co          $             $

Share capital                    100,000      50,000

Retained earnings            450,000     120,000

                                         550,000      170,000

During the year ended 31 March 20X9, Benz Co had sold goods to Mercedes Co for $50,000. Mercedes Co still had these

goods in inventory at the year end. Benz Co uses a 25% mark up on all goods.

What were the consolidated retained earnings of Mercedes Group at 31 March 20X9?

A

$560,000

B

$580,000

C

$570,000

D

$557,500

Micro Co acquired 90% of the $100,000 ordinary share capital of Minnie Co for $300,000 on

1 January 20X9 when the retained earnings of Minnie Co were $156,000. At the date of acquisition the fair value of plant held by Minnie Co was $20,000 higher than its carrying amount. The fair value of the non-controlling interest at the date of acquisition was $75,000.

What is the goodwill arising on the acquisition of Minnie Co?

A

$119,000

B

$99,000

C

$139,000

D

$24,000

On 1 April 20X7 Possum Co acquired 60% of the share capital of Koala Co for $120,000. During the year Possum Co sold

goods to Koala Co for $30,000, including a profit margin of 25%. 40% of these goods were still in inventory at the year end.

The following extract was taken from the financial statements of Possum Co and Koala Co at 31 March 20X8.

                                          Possum Co $'000               Koala Co

Revenue                                750                                 $'000 400

Cost of sales                        (420)                                 (100)

Gross profit                             30                                    300

What is the consolidated gross profit of the Possum group at 31 March 20X8?

A

$627,600

B

$633,000

C

$622,500

D

$627,000

A company sold warehouse premises at a loss during a financial period. How would this transaction be included in a statement of cash flows for the period that complies with IAS 7 Statement of Cash F/ows and that uses the indirect method to present

cash flows from operating activities?

Loss on disposal              Proceeds from sa/e in cash flows from

A

Deduct as an adjustment in the calculation of cash flows from operating activities

Include

in cash flows from investing activities

B

Deduct as an adjustment in the calculation of cash flows from operating activities

Include

in cash flows from operating activities

C

Add as an adjustment in the calculation of cash flows from operating activities

Include

in cash flows from investing activities

D

Add as an adjustment in the calculation of cash flows from operating activities

Include

in cash flows from operating activities

 Big Time Co had the following transactions during the year.

• Purchases from suppliers were $18,500, of which $2,550 was unpaid at the year end. Brought forward payables were

$1,000.

• Wages and salaries amounted to $9,500, of which $750 was unpaid at the year end. The financial statements for the

previous year showed an accrual for wages and salaries of $1,500.

• Interest of $2,100 on a long term loan was paid in the year.

• Sales revenue was $33,400, including $900 receivables at the year end. Brought forward receivables were $400.

• Interest on cash deposits at the bank amounted to $175.

Using the direct method, what is Big Time Co's cash flow from operating activities?

A

$3,425

B

$3,775

C

$1,425

D

$6,775

Which one of the following statements is correct?

A

 If a business makes a profit, it has positive cash flow.

B

If a business makes a loss, it has negative cash flow.

C

A business may make a profit but have negative cash flow.

D

A business that breaks even has cash inflows equal to cash used

 Toots Co has made healthy profits for the past year, although at times the company has been close to running out of cash.

Because Toots Co is profitable, Adam, their accountant is unconcerned by the cash shortage. Jo, the financial controller at

Toots Co, is concerned. Jo tells Adam, ‘profits are fine on paper, but in the real world cash is king’. Jo believes Toots Co

needs to take a more proactive approach to cash flow management.

Adam and Jo have two different views. Who is correct, and why?

A

Adam is correct. A profitable business should not waste management time on cash flow issues.

B

Adam is correct. A profitable business will always survive and prosper.

C

Jo is correct. Proactive cash flow management is required under IAS 7 Statements of Cash

Flows.

D

Jo is correct. A business that does not have cash available to fund operations is likely to fail.

Which one of the following statements correctly identifies a valid disadvantage to users of financial statements of the sta

tement of cash flows?

A

Under IAS 7 Statement of cash flows, an entity may use any format for their statement.

B

There is an opportunity to reclassify some cash outflows that might have been reported in the

operating section as investing cash outflows.

C

Under IAS 7 Statement of cash flows the statement of cash flows may cover a different period of time to the other financial statements.

D

 Cash flow figures are more open to manipulation than the profit figure.

What amount should appear in the group's consolidated statement of financial position at 31 December 20X2 for goodwill?

A

$52,000

B

$80,000

C

$122,000

D

$212,000

What amount should appear in the group's consolidated statement of financial position at 31 December 20X2 for

non-controlling interest?

A

$49,000

B

$58,000

C

$51,000

D

$42,000