ms4003_2024T2_Q1_NA.pdf
Financial Forensics · Quiz 1 · May 2024
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Questions and published explanations below are available without starting a test. Some questions may not have a published solution yet.
Question 145 NAT · 1.0 marks
D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson
contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
a. Additional shoe inventory was purchased at a cost of $24,000 cash
b. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,000
c. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings.
d. The partnership borrowed $50,000 from the Third National Bank
e. Land and buildings were purchased at a cash cost of $25,000 and $50,000 respectively.
Based on the above text answer the given
What is the cash balance of the company as of June 1.
A published solution is not available for this question yet.
Question 146 NAT · 1.0 marks
D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson
contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
a. Additional shoe inventory was purchased at a cost of $24,000 cash
b. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,000
c. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings.
d. The partnership borrowed $50,000 from the Third National Bank
e. Land and buildings were purchased at a cash cost of $25,000 and $50,000 respectively.
Based on the above text answer the given
What is the Total Asset of the company as of June 30.
A published solution is not available for this question yet.
Question 147 NAT · 1.0 marks
The Hosmer Company had June sales of $275,000. The cost of goods sold was $164,000 and other
cash expenses were:
Rent: $3,300
Salaries: $27,400
Taxes: $1,375
Other: $50,240
Based on the above data, answer the given subquestions
What were the company’s Revenues
A published solution is not available for this question yet.
Question 148 NAT · 1.0 marks
The Hosmer Company had June sales of $275,000. The cost of goods sold was $164,000 and other
cash expenses were:
Rent: $3,300
Salaries: $27,400
Taxes: $1,375
Other: $50,240
Based on the above data, answer the given subquestions
What were the company’s Expenses
A published solution is not available for this question yet.
Question 149 NAT · 0.5 marks
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Based on the above data, answer the given subquestions
What is the cash flow from activities related to Operations?
A published solution is not available for this question yet.
Question 150 NAT · 0.5 marks
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Based on the above data, answer the given subquestions
What is the cash flow from activities related to Investment?
A published solution is not available for this question yet.
Question 151 NAT · 0.5 marks
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Based on the above data, answer the given subquestions
What is the cash flow from activities related to Financing?
A published solution is not available for this question yet.
Question 152 NAT · 0.5 marks
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Based on the above data, answer the given subquestions
What is the total change in cash balance of the company at the end of the year?
A published solution is not available for this question yet.
Question 153 NAT · 1.0 marks
The January 1 balance sheet of the Marvin company, an unincorporated business, is as follows:
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The following transactions took place in January:
• Jan 4 – Goods were sold for INR 12,000 which had a cost of INR 7,000
• Jan 6 – To Increase inventory, Marvin placed an order with Star company for goods that would
cost INR 7,000
• Jan 8 – Marvin received the goods ordered from star and agreed to pay INR 7,000 in 30 days
• Jan 11 – Goods costing INR 1,500 was sold for INR 2,500 in cash
• Jan 16 – Goods costing INR 2,000 was sold for INR 3,400 on a 30-day credit
• Jan 26 - Marvin paid employees for the month INR 4,200 in cash
• Jan 29 - Purchased land for INR 20,000 in cash
• Jan 31 - Marvin purchased a two-year insurance policy for INR 2,800 in cash
Based on the above text answer the given
What is the Total asset of the company as of Jan 7\(^{th}\)
A published solution is not available for this question yet.
Question 154 NAT · 1.0 marks
The January 1 balance sheet of the Marvin company, an unincorporated business, is as follows:
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The following transactions took place in January:
• Jan 4 – Goods were sold for INR 12,000 which had a cost of INR 7,000
• Jan 6 – To Increase inventory, Marvin placed an order with Star company for goods that would
cost INR 7,000
• Jan 8 – Marvin received the goods ordered from star and agreed to pay INR 7,000 in 30 days
• Jan 11 – Goods costing INR 1,500 was sold for INR 2,500 in cash
• Jan 16 – Goods costing INR 2,000 was sold for INR 3,400 on a 30-day credit
• Jan 26 - Marvin paid employees for the month INR 4,200 in cash
• Jan 29 - Purchased land for INR 20,000 in cash
• Jan 31 - Marvin purchased a two-year insurance policy for INR 2,800 in cash
Based on the above text answer the given
What is the retained earnings of the company as of Jan 16\(^{th}\)
A published solution is not available for this question yet.
Question 155 NAT · 1.0 marks
The January 1 balance sheet of the Marvin company, an unincorporated business, is as follows:
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The following transactions took place in January:
• Jan 4 – Goods were sold for INR 12,000 which had a cost of INR 7,000
• Jan 6 – To Increase inventory, Marvin placed an order with Star company for goods that would
cost INR 7,000
• Jan 8 – Marvin received the goods ordered from star and agreed to pay INR 7,000 in 30 days
• Jan 11 – Goods costing INR 1,500 was sold for INR 2,500 in cash
• Jan 16 – Goods costing INR 2,000 was sold for INR 3,400 on a 30-day credit
• Jan 26 - Marvin paid employees for the month INR 4,200 in cash
• Jan 29 - Purchased land for INR 20,000 in cash
• Jan 31 - Marvin purchased a two-year insurance policy for INR 2,800 in cash
Based on the above text answer the given
What is the Total Asset of the company as of Jan 31\(^{st}\)
A published solution is not available for this question yet.
Question 156 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Expenses in 2011 _____.
A published solution is not available for this question yet.
Question 157 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Expenses in 2012 _____.
A published solution is not available for this question yet.
Question 158 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Expenses in 2013 _____.
A published solution is not available for this question yet.
Question 159 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Asset value as of 31\(^{st}\) December 2011 _____.
A published solution is not available for this question yet.
Question 160 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Asset value as of 31\(^{st}\) December 2012 _____.
A published solution is not available for this question yet.
Question 161 NAT · 0.5 marks
The Pierson Company purchased a two-year fire insurance policy, paying the $30,000 premium in
October 2011. The policy was dated October 1, 2011, and expired on September 30, 2013. With
respect to this policy, what were the expenses applicable to 2011, 2012, 2013 and what was the
asset value of the insurance as of December 31, 2011, 2012 and 2013?
Based on the above data, answer the given subquestions
Asset value as of 31\(^{st}\) December 2013 _____.
A published solution is not available for this question yet.
Question 162 NAT · 1.0 marks
What is the cost of goods sold for the company given the following information:
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A published solution is not available for this question yet.
Question 163 NAT · 1.0 marks
A company purchased machinery worth ₹ 7,50,000 on January 2nd from a vendor. The company
paid 50% of the amount in cash, and the remaining 50% was taken on credit from the vendor for
30 days. How many changes must be made to the balance sheet to account for this transaction?
A published solution is not available for this question yet.
Question 164 NAT · 1.0 marks
Sold goods worth ₹ 86,000 for ₹ 98,000. A cash discount of 10% was offered to the customer if
payment is settled immediately. The customer took advantage of the offer and transferred the
amount immediately through internet banking. What will be the value of the sale?
A published solution is not available for this question yet.
Question 165 NAT · 1.0 marks
Total salaries accrued for the month is ₹ 65,000, but only 50% of it was paid at the end of the
month and the rest was outstanding. The expenses on salaries in the income statement for the
month is _____
A published solution is not available for this question yet.
Question 166 NAT · 1.0 marks
The Bee company shows the following account amounts:
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Determine how much cash was generated from sales during 2010
A published solution is not available for this question yet.
Question 167 MCQ · 1.0 marks
Which of the following would not appear in the investing section of the statement of cash flows?
Purchase of land for a new office building
Interest and dividend received
Purchase of inventory
Sale of obsolete equipment used in the factory
A published solution is not available for this question yet.
Question 168 MCQ · 1.0 marks
At the end of the financial period, how would an excess payment of taxes beyond its obligation be
presented in the financial statements?
as an accrual revenue
as a prepaid expenses within current assets
as a liability due within one year
as an expense in the income statement
A published solution is not available for this question yet.
Question 169 NAT · 2.0 marks
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Based on the above data, answer the given subquestions
What is the amount that was received as a part of the sales that was done previously and not as a
part of this year?
A published solution is not available for this question yet.
Question 170 NAT · 1.0 marks
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Based on the above data, answer the given subquestions
What is the cash flow from Investment activities?
A published solution is not available for this question yet.
Question 171 NAT · 1.0 marks
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Based on the above data, answer the given subquestions
What is the cash flow from Operations?
A published solution is not available for this question yet.
Question 172 NAT · 1.0 marks
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Based on the above data, answer the given subquestions
What is the cash flow from Financing activities?
A published solution is not available for this question yet.
Question 173 NAT · 1.0 marks
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Based on the above data, answer the given subquestions
What is the cash balance at the end of the year?
A published solution is not available for this question yet.