exam thoughts+ answer

[tini]

ah, yeah. But why is there so many spaces in financing??

And I also got 2 spaces under operating activities. Man, who cares. It's over. So happy, even though i'll most likely get a super low A+ or another A. 40 is over for me.

lol , i even stuffed up 2.5....


Did everyone get $90 + 9 GST = $99 for the purchase and sales returns?

I had no stock loss or gain in my stock card, lol.

What about Stock Write Down?

lol my friend did U U U for the variance thing lol, meh, its just a mark.

hahaha, i have methods, spesh, eco, english to back me up in piss high scores. Urgh, i thought this exam would be much easier. I thought wrong :p

YES!! got $90 + $9 GST

and I also got a huge surplus for the cash surplus

[Fyrefly]

Same... $90 + $9 GST, no stock loss/gain.
I seem 2 b outnumbered on 2.5 tho XD

[Mystery]

Wasn't it all Favourable? F F F?

Also, did you guys count the Upgrade of premises for $200,000??

[Wst]

I did, as a loan and capital contribution under financing activities in the cash flow statement.

[Fyrefly]

Wasn't it all Favourable? F F F?

Also, did you guys count the Upgrade of premises for $200,000??

Yeah, FFF and (200,000) in investing

[AppleXY]

Yeah, it was all FFF, my friend did UUU because he read it teh another way around lol. Uh-oh, I put it in financing? For some reason, i'm not depressed for this exam and i did worse on it ? :S Strange LOL I'm actually quite happy and relieved

[123321]

what was every1s stock writedown?? $90?

[costargh]

Applexy =(
I thought you would ace this one  =[

[dxb]

what was every1s stock writedown?? $90?

mmm yeh mine was 90.

[joechan521]

you guys still have the question book? can always do again to see what r the balances for those budgets.

i got (250) at the end for cash flow, anyone got this?
and net profit was 60750

[Mystery]

you guys still have the question book? can always do again to see what r the balances for those budgets.

i got (250) at the end for cash flow, anyone got this?
and net profit was 60750

lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.

meanwhile its back to methods for me =)

[joechan521]

you guys still have the question book? can always do again to see what r the balances for those budgets.

i got (250) at the end for cash flow, anyone got this?
and net profit was 60750

lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.

meanwhile its back to methods for me =)

i considered the wage expense to be  accrued wage+wage paid.

therefore in my cash flow i recorded the wage expense less accrued,
and in profit and loss i just recorded wage expense.


did u consider the wage expense to be wage paid?

[123321]

the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....

[joechan521]

you guys still have the question book? can always do again to see what r the balances for those budgets.

i got (250) at the end for cash flow, anyone got this?
and net profit was 60750

lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.

meanwhile its back to methods for me =)

i just redid my profit and loss and cash flow, please check them.

revenue 550000
cogs (324000)
gross profit 226000
less other expeneses:
wage+adm+vehicle 150000
bad debt 5500
disc.exp 2750
interest 7000
net profit 60750

operating cash inflow
cash sales 275000
debtors receipts 258750
less cash outflows
wage+admin+vehicle (150000-depre5000-accrued wage2000)=143000
interest 7000
prepaid admin 4000
payment to creditors330000
net operating cash flow= 49750
net investing outflow premisis (200000)
financing inflows:
loan 120000
capital 80000
outflows:
drawings 35000
loan 30000
net financing=135000

net increase(decrease) in cash = (15250)
add balance at start 15000
new balance (250)

[Mystery]

the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....

The wages were incurred in the budgeted period, 2008, but not yet paid, hence accrued wages.

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...) = 148000

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..