© University of Melbourne 2020 THE UNIVERSITY OF MELBOURNE DEPARTMENT OF ACCOUNTING ACCT 10001: Accounting Reports and Analysis Practice Exam No.1 Question One Financial Data This booklet has 3 pages. The data contained in this document is to be used to complete Question One of this examination. Refer to the separate document Question One Answer Booklet for details regarding the requirements of this question. DO NOT submit this document. Questions 2 to 81 are to be completed online via the LMS. This document is protected by copyright. Any unauthorised copying, reproduction or forwarding of this document is illegal. © University of Melbourne 2020 Page 2 of 3 PART ONE The following information is a summary of financial year-end figures extracted from the transaction records of BJ Hi-Fi Ltd on 30 June 2018: $ millions $ millions Administrative expenses .......................... 12 Inventories ............................................. 214 Amortisation ............................................... 1 Investments ................................................ 8 Cash on hand ............................................ 20 Loan .......................................................... 78 Contributed equity ................................... 30 Payables ................................................. 198 Cost of sales ......................................... 1,234 Property, plant & equipment * ................ 91 Depreciation ............................................. 16 Provisions ................................................. 33 Dividends paid .......................................... 38 Receivables............................................... 28 Employee costs ......................................... 64 Rent revenue .............................................. 8 Income tax expense .................................. 21 Reserves ..................................................... 3 Intangibles * ............................................. 39 Sales revenue ...................................... 1,555 Interest & dividend revenue ...................... 4 Selling expenses ..................................... 161 Interest on loan .......................................... 7 * Carrying amounts net of accumulated depreciation, amortisation and impairment The above information has not been adjusted to reflect or include the following: Employee costs above do not include an additional $1 million of wages owing. The rent revenue is derived from renting out excess floor space and $3 million of the above amount relates to revenue that will be earned from July to December 2018. Of the selling expenses above, $5 million relates to an advertising benefit to be received in the September quarter of 2018. The income tax expense is not necessarily 30% of profit before tax. The cash balance includes an amount of $2 million invested in a highly liquid short-term deposit account that pays a nominal amount of interest. Investments are considered to be long-term Non-current assets are net of accumulated depreciation and amortisation. The loan is to be repaid in equal instalments over the next 13 years. Of the provisions, $15 million relate to provisions for warranties and short-term employee entitlements and $18 million relate to long-term employee entitlements. Reserves relate to net transfers to and from retained profits in prior periods. The balance of Retained profits at the end of the previous period was $45 million. © University of Melbourne 2020 Page 3 of 3 PART TWO KASH MANUFACTURING LTD provides the following summary of some of its transactions and events that occurred during the financial year ending 30 June 2018: Cash on hand at 30 June 2017 was $105,000. Cash in short-term liquid deposits at 30 June 2017 was $300,000. Cash held in long-term deposits at 30 June 2017 was $160,000. One of these deposits for $40,000 matured during the year and was transferred into one of the short-term liquid accounts. Interest received from cash deposits was $8,000. Total cash sales for the year were $500,000. Amounts received from accounts receivable were $1.25 million. Rent received from tenants occupying unused office space was $36,000. Dividends received from investments in other entities was $25,000. Payments to trade payables were $700,000. Payments to other suppliers were $133,000 Payments to employees for wages and salaries were $295,000 while a further $40,000 was paid to employees for long service and annual leave taken during the period. Income tax paid was $85,000. Factory equipment was acquired for $1.9 million paid to the vendor. This was partly financed by loan proceeds of $1.5 million received two weeks prior to the purchase. Machinery was sold for $50,000. Payments to lenders totalled $445,000 which included $70,000 of interest. Receipts from share issues were $100,000 Dividends paid to shareholders were $180,000.
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