Additional Information: I. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. II. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school VI. fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets

Additional Information: I. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. II. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school VI. fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's abilities. The following information relates to the obligations of EMPLEO Corporation as of December 31, 2021: Accounts payable for goods and services purchased on open account amounted to P350,000 on December 31, 2021. This amount was gross of a supplier's debit balance of P30,000, On the other hand, the testing of the accounts receivable account revealed that a customer's credit balance of P50,000 was netted against the balance of the accounts receivable At December 31, 2021, EMPLEO declared a cash dividend at PO.50 per share on its P10 par value ordinary share capital, payable at January 12, 2022, to shareholders as of December 31, 2022. At December 31, 2021, EMPLEO had 1,000,0000 issued ordinary shares and 800,000 oustanding ordinary shares. The company financed its receivables, dated November 1, 2021, by discounting its 180-day P400,000 accounts receivable to a bank on a with…
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The following information has been taken from Sacha's accounts. Income Statement for the year ending 31st December 2019.” “ £ Revenue 1,372,008 Cost of Sales (916,502) Gross Profit 455,506 Selling and distribution expenses (excluding depreciation) (110,000) Administration expenses (excluding depreciation) (86,000) Operating expenses (90,540) Depreciation (84,480) Operating Profit 84,486 Interest receivable 7,428 Interest payable (3,714) Profit for the year 88,200” “Statements of financial position as at 31st December 2018 and 31st December 2019. “ “2018 2019 £ £ £ £…
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You have completed the audit of Meza Corporation for the year 2022. You are satisfied with the results and presented the corporation with a complete set of ______________ as required. a. Auditor working papers. b. None of those listed c. A statement of Cash Flows d. Explanatory notes
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