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Q1. Explain the statement of financial position and its uses

Q1. Explain the statement of financial position and its uses

Q1. Explain the statement of financial position and its uses and limitations. (2 marks)Q2. X Company has the following receivables classified into individually significant and all other receivables.Individually significantP CompanyQ CompanyR CompanyS CompanyAll other receivables$ 65,00095,00075,00035,000270,000425,000Total receivables.695,000X company determines that P’s receivable is impaired by $20,000, and S’s receivable is totally impaired. Both Q’s and R’s receivables are not considered impaired. X company also determines that a composite rate of 2% is appropriate to measure impairment on all other receivables.Required: Calculate the total impairment on accounts Receivable. (2 marks)Q3. Calculate cash flow from operating activities from the following data: ( 3 marks)Profits made during the year $ 145,000 after considering the following items :Amortization of Goodwill3,000Depreciation of Fixed Assets17,000Loss on Sale of Fixed Assets2,500Transfer to General Reserve15,000The following is the position of current assets and current liabilities:Particulars31.3.0731.3.08CreditorsDebtorsPrepaid ExpensesBills Payable12,00016,2002505,0008,20012,0007507,000Q4. CHO Company was formed on December 1, 2009. The following information is available from Jones’s inventory record for Product X.UnitsUnit CostJanuary 1, 2010 (beginning inventory)1,600$18.00Purchases:January 5, 20102,600$20.00January 25, 20102,400$21.00February 16, 20101,000$22.00March 15, 20101,800$23.00A physical inventory on March 31, 2010, shows 2,500 units on hand.Prepare schedules to compute the ending inventory at March 31, 2010, using Weighted-average. ( 3 marks)

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