On January 1, 2019 an entity acquired non-trading equity securities irrevocably elected at FVOCI SECURITIES COST FV- 12/31/2019 FV- 12/31/2020 6,000,000 4,000,000 A 5,700,000 B 4,800,000 4,500,000 5,000,000 5,500,000 5,900,000 The entity sold Security A on December 15, 2020 for 7,000,000.

On January 1, 2019 an entity acquired non-trading equity securities irrevocably elected at FVOCI SECURITIES COST FV- 12/31/2019 FV- 12/31/2020 6,000,000 4,000,000 A 5,700,000 B 4,800,000 4,500,000 5,000,000 5,500,000 5,900,000 The entity sold Security A on December 15, 2020 for 7,000,000.

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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Discussion
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in Wages and salaries Discounts allowed 15,000 114,000 4,500 Electricity costs Vehicle maintenance 37,500 2,500 8,000 Advertising and marketing 14,000 Irrecoverable debts 3,000 Allowance for receivables 1,500 Bank 19,200 Accounts payable 31,600 Accounts receivable 60,000 Inventory (1-1-21) Drawings Bank loan [10%] Capital (1-1-21) 91,700 60,000 150.000 324,900 1,594,700 1,594,700 Additional notes: 1) Inventory at 31st December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been…
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Please explain in detail
For Financial year 2021: Current ratio = Current assets / Current liabilities = 43.133 / 29.613 = 1.46 (2.d.p) Debt-to-equity = Total liabilities / Total equity = (29.613 + 25.382) / 47.069 = 1.17 (2.d.p) Return on total assets = Net profit / Average total assets = (-11.195) / 101.964 = -0.11 (2.d.p) Profit margin ratio = Net profit / Net sales = (-11.195) / 81.79 = -0.14 (2.d.p) Debt-to-asset = Total liabilities / Total assets = (29.613 + 25.382) / 101.964 = 0.54 (2.d.p) Cash flow on total assets = Net cash flow from operating activities / Average total assets = 4.717 / 101.964 = 0.05 (2.d.p) For Financial year 2022: Current ratio = Current assets / Current liabilities = 49.476 / 32.754 = 1.51 (2.d.p) Debt-to-equity = Total liabilities / Total equity = (32.754 + 27.625) / 46.732 = 1.29 (2.d.p) Return on total assets = Net profit / Average total assets = (-0.336) / 107.111 = -0.003 (3.d.p) Profit margin ratio = Net profit / Net sales = (-0.336) / 115.56 = -0.003 (3.d.p) Debt-to-asset…