Reference no: EM1348512
1 A company pays its insurance policy for the calendar year of £78,000 on 1st January. On 31st March, what is the impact on the Income Statement, Balance Sheet and Cash Flow?
2 A company incurs gas costs for heating of £12,000 per year, although three-quarters of the annual cost is incurred between January and June. Bills are received quarterly at the end of March, June, September & December and paid two weeks later. What is the accrual at the end of June and where does this appear in the financial statements?
3 A company has bought a new computer system for cash at the beginning of its financial year at a cost of £30,000. It is expected to last 4 years with no value at the end of that period. What is the impact on the Income Statement, Balance Sheet and Cash Flow at the end of the year?
4 Regal Farms Ltd has sales of £2.5 million, a gross profit of £1.7 million and expenses of £800,000. Regal has paid interest of £72,000 and has to provide for Corporations Tax of £310,000 and dividends of £300,000. Calculate the EBIT, profit after tax and retained profits for the year.
5 A professional services firm has income of £1,750,000. It incurs salaries of £1.6 million of which 60% is allocated as a cost of sales and the balance as selling and administration. The only other cost charged to cost of sales is travelling of £50,000. Other administration costs are £80,000. Calculate the gross profit and net profit.
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