insurance for the year to 30 September 2005.
What figures should appear for insurance in the company’s financial statements for the year ended 30 June
2005？
Income statement Balance sheet
A $27,200 Prepayment $19,000
B $39,300 Prepayment $9,500
C $36,700 Prepayment $9,500
D $55,700 Prepayment $9,500
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更多“12 At 1 July 2004 a company ha…”相关的问题
第1题
The Producer Price Index,【3】measures what producers receive for goods and services,【4】1 percent in July, the Labor Department reported yesterday, double【5】economists had been expecting and a sharp turnaround from flat prices in June. Excluding【6】and energy, the core index of producer prices rose 0.4 percent,【7】than the 0.1 percent that economists had【8】. Much of that increase was a result of an【9】increase in car and truck prices.
On Tuesday, the Labor Department said the【10】that consumers paid for goods and services in July were【11】0.5 percent over all, and up 0.1 percent, excluding food and energy.
12 the overall rise in both consumer and producer prices【13】caused by energy costs, which increased 4.4 percent in the month. (Wholesale food prices【14】0.3 percent in July.)【15】July 2004, wholesale prices were up 4.6 percent; the core rate【16】2.8 percent, its fastest pace since 1995.
Typically, increases in the Producer Price Index indicate similar changes in the consumer index【17】businesses recoup(补偿) higher costs from customers.【18】for much of this expansion, which started【19】the end of 2001, that has not been the【20】In fact, many businesses like automakers have been aggressively discounting their products.
(1)
A．indicate
B．to indicate
C．indicating
D．indicated
第2题
guaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharing
arrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December
2004 is $240,000, accruing evenly over the year.
What should P’s final profit share be for the year ended 31 December 2004？
A $140,000
B $139,000
C $114,000
D $139,375
第3题
A. 5 July 2004 B. 10 July 2004
C. 15 July 2004 D. 31 July 2004-8-18
第4题
$
Inventory 1 July 2004 138,600
30 June 2005 149,100
Purchases for year ended 30 June 2005 716,100
Orset makes a standard gross profit of 30 per cent on sales.
Based on these figures, what is Orset’s sales figure for the year ended 30 June 2005？
A $2,352,000
B $1,038,000
C $917,280
D $1,008,000
第5题
2 Assume that today’s date is 1 July 2005.
Jan is aged 45 and single. He is of Danish domicile but has been working in the United Kingdom since 1 May 2004
and intends to remain in the UK for the medium to long term. Although Jan worked briefly in the UK in 1986, he
has forgotten how UK taxation works and needs some assistance before preparing his UK income tax return.
Jan’s salary from 1 May 2004 was ￡74,760 per annum. Jan also has a company car – a Jaguar XJ8 with a list price
of ￡42,550 including extras, and CO2 emissions of 242g/km. The car was available to him from 1 July 2004. Free
petrol is provided by the company. Jan has other taxable benefits amounting to ￡3,965.
Jan’s other 2004/05 income comprises:
￡
Dividend income from UK companies (cash received) 3,240
Interest received on an ISA account 230
Interest received on a UK bank account 740
Interest remitted from an offshore account (net of 15% withholding tax) 5,100
Income remitted from a villa in Portugal (net of 45% withholding tax) 4,598
The total interest arising on the offshore account was ￡9,000 (gross). In addition, Jan has not remitted other
Portuguese rental income arising in the year, totalling a further ￡1,500 (gross).
Jan informs you that his employer is thinking of providing him with rented accommodation while he looks for a house
to buy. The accommodation would be a two bedroom flat, valued at ￡155,000 with an annual value of ￡6,000. It
would be made available from 6 August 2005. The company will pay the rent of ￡600 per month for the first six
months. All other bills will be paid by Jan.
Jan also informs you that he has 25,000 ordinary shares in Gilet Ltd (‘Gilet’), an unquoted UK trading company. He
has held these shares since August 1986 when he bought 2,500 shares at ￡4.07 per share. In January 1994, a
bonus issue gave each shareholder nine shares for each ordinary share held. In the last week all Gilet’s shareholders
have received an offer from Jumper plc (‘Jumper’) who wishes to acquire the shares. Jumper has offered the following:
– 3 shares in Jumper (currently trading at ￡3.55 per share) for every 5 shares in Gilet, and
– 25p cash per share
Required:
(a) Calculate Jan’s 2004/05 income tax (IT) payable. (11 marks)
第6题
(c) Assuming that she will survive until July 2009, advise on the lifetime inheritance tax (IHT) planning
measures that could be undertaken by Debbie, quantifying the savings that can be made. (7 marks)
For this question you should assume that the rates and allowances for 2004/05 apply throughout.
第7题
A credit stipulates that the shipment must be made on or about 27 June. Which of the following shipment dates would be acceptable？
A. 20 June
B. 27 June
C. 02 July
D. 03 July
(1)( ) A and B only
(2)( ) A and D only
(3)( ) B and C only
(4)( ) C and D only
第8题
a national supermarket chain of 23 stores, five of which are in the capital city, Urvina. All the stores are managed in
the same way with purchases being made through Volcan’s central buying department and product pricing, marketing,
advertising and human resources policies being decided centrally. The draft financial statements for the year ended
31 March 2005 show revenue of $303 million (2004 – $282 million), profit before taxation of $9·5 million (2004
– $7·3 million) and total assets of $178 million (2004 – $173 million).
The following issues arising during the final audit have been noted on a schedule of points for your attention:
(a) On 1 May 2005, Volcan announced its intention to downsize one of the stores in Urvina from a supermarket to
a ‘City Metro’ in response to a significant decline in the demand for supermarket-style. shopping in the capital.
The store will be closed throughout June, re-opening on 1 July 2005. Goodwill of $5·5 million was recognised
three years ago when this store, together with two others, was bought from a national competitor. It is Volcan’s
policy to write off goodwill over five years. (7 marks)
Required:
For each of the above issues:
(i) comment on the matters that you should consider; and
(ii) state the audit evidence that you should expect to find,
in undertaking your review of the audit working papers and financial statements of Volcan for the year ended
31 March 2005.
NOTE: The mark allocation is shown against each of the three issues.
第9题
A、2004/9/1
B、2004/5/1
C、2004/1/1
D、2004/12/1
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