题目

Six Co owns 80% of the equity share capital of Seven Co. At 31 December 20X4, the trade receivables and trade payables of the two companies were as follows:

Six Co Seven Co

Trade receivables $64,000 $39,000

Trade payables $37,000 $48,000

These figures include $30,000 that is owed by Seven Co to Six Co for the purchase of goods, for which Six Co has not yet

paid. These goods were sold by Six Co for a profit of $15,000 and 50% of them were still held as inventory by Seven Co at

31 December 20X4.

What should be the amounts for trade receivables and trade payables in the consolidated statement of financial position as at 31 December 20X4?

A

Trade receivables $73,000, Trade payables $55,000

B

Trade receivables $88,000, Trade payables $70,000

C

Trade receivables $95,000, Trade payables $77,000

D

Trade receivables $103,000, Trade payables $85,000

Chapter23Introductiontoconsolidatedfinancialstatements

The $30,000 owed by Seven Co to Six Co is included within the receivables of Six Co and the payables of Seven Co. These

intra-group balances should be eliminated for the purpose of consolidation.

Trade receivables = $(64,000 + 39,000 - 30,000) = $73,000 Trade payables = $(37,000 + 48,000 - 30,000) = $55,000

The unrealised profit on closing inventory will be an adjustment to inventory on consolidation, and does not affect

consolidated receivables and payables.

多做几道

Which of the following is a ratio which is used to measure how much a business owes in relation to its  size?  

A

Asset turnover

B

Profit margin

C

Gearing

D

Return on capital employed

A business operates on a gross profit margin of 331/3%. were $680.  Gross profit on a sale was $800, and expenses

What is the net profit margin?  

A

3.75%

B

 5%

C

11.25%

D

22.67%

 A company has the following details extracted from its statement of financial position:

                                    $'000

Inventories                  1,900

Receivables                1,000

Bank overdraft            100

Payables                     1,000

The industry the company operates in has a current ratio norm of 1.8. Companies who manage liquidity well in this industry

have a current ratio lower than the norm.

Which of the following statements accurately describes the company’s liquidity position?

A

Liquidity appears to be well managed as the bank overdraft is relatively low

B

Liquidity appears to be poorly-controlled as shown by the large payables balance

C

Liquidity appears to be poorly-controlled as shown by the company’s relatively high current ratio

D

 Liquidity appears to be poorly-controlled as shown by the existence of a bank

Why is analysis of financial statements carried out?

A

So that the analyst can determine a company’s accounting policies

B

So that the significance of financial statements can be better understood through comparisons

with historical performance and with other companies

C

To get back to the ‘real’ underlying figures, without the numbers being skewed by the

requirements of International Financial Reporting Standards

D

To produce a report that can replace the financial statements, so that the financial statements

no longer need to be looked at

 Which of the following transactions would result in an increase in capital employed?

A

Selling inventory at a profit

B

 Writing off a bad debt

C

Paying a payable in cash

D

Increasing the bank overdraft to purchase a non-current asset 

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