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Fundamentals of financial accounting

What is the charge to the statement of profit or loss in respect of the
above information?

A $3,383

B $5,652

C $3,414

D $5,486

13.2 In the statement of financial position at 31 December 20X8, BCD reported net
receivables of $24,000. During 20X9 he made sales on credit of $250,000 and
received cash from credit customers amounting to $231,000. At 31 December
20X9, BCD wished to write off debts of $14,200 and increase the specific
allowance for receivables by $1,900 to $4,200.

What is the net receivables figure at 31 December 20X9?

A $24,600

B $26,900

C $28,800

D $31,100

CHAPTER 14 – ACCOUNTING FOR INVENTORY

14.1 An item of inventory was purchased for $1,000. It is expected to be sold for
$2,400 although $500 will need to be spent on it in order to achieve the sale. To
replace the item of inventory would cost $1300

At what value should this item of inventory be included in the financial
statements?

$ __________.

14.2 XYZ performs an inventory count on the 30 December 20X3 ahead of the 31
December year end. He counts 2,400 identical units, each of which cost $100.
On 31 December, XYZ sold 40 of the units for $96.

What figure should be included in XYZ’s statement of financial position
for inventory at the year end?

$ __________.

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