Financial Forensics · Quiz 1 · Sep 2024

An owner of a business contributes ₹ 20,00,000 as capital. 30% of the amount was brought in cash and the remaining was kept in a bank account in the name of the business. What would be the total of assets in the Balance sheet?

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?

Goods costing ₹ 19,000 was taken by the owner from business for personal use. The value of the goods taken by the owner will be treated as __________ in the books of the company

Issuing new shares of common stock would be classified under which category of cash flow?

A company splits its stock in the ratio 1:10 to increase liquidity of the stock in the market. Under which category in cash flow statement this activity will be classified?

State Bank of India received INR 10,00,000 as interests on the loans that it gave to it's customers in 2022. How would this be categorised in the cash flow statment?

At the beginning of the month the company hired workers and employees for a total monthly remuneration of ₹ 75,000 payable at the end of each month. How would this transaction reflect in the income statement and balance sheet at the beginning of the month?

Based on the following information for ABC Limited, compute the retained earnings of the company.

A company sold goods worth $8,000 for $10,000 on Feb 2, 2024. 50% of it was paid by the customer immediately via RTGS, and the remaining was promised to be paid by Mar 2, 2024 and eventually paid off in April 2024. Which of the following statements are True based on this information

Which of the following would result in increase in cash inflow for ABC Incorporation?

A company's net income for the year is $100,000. Depreciation expense is $20,000. Accounts receivable increased by $10,000, and accounts payable increased by $5,000. What is the net cash flow from operating activities?

A company's beginning cash balance is $50,000. Its net cash flow from operating activities is $30,000, from investing activities is -$20,000, and from financing activities is $10,000. What is the ending cash balance?

A company reports the following: 1.Net income: $85,000 2.Depreciation expense: $25,000 3.Gain on sale of equipment: $10,000 4.Loss on sale of investments: $5,000 Increase in accounts receivable: $8,000 Calculate the net cash flow from operating activities

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions Based on the above data, answer the given subquestions.

Capital stock was issued for $100,000 cash

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions Based on the above data, answer the given subquestions.

Inventory was purchased for $15,900

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions Based on the above data, answer the given subquestions.

Inventory costing $4,500 was sold for $7,200 on credit

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions Based on the above data, answer the given subquestions.

The company declared a stock split, and replaced each outstanding share with two new shares

QED Electronics Company had the following transactions during April while conducting its television and stereo repair business. a. Parts with a cost of $1,600 were received and used during April. b. Service  revenue  for  the  month  was  $33,400,  but  only  $20,500  was  cash  sales.  c. Interest expense on loans outstanding was $880. d. Wage costs for the month totaled $10,000; however, $1,400 of this had not yet been paid to the employees. e. Parts inventory from the beginning of the month was depleted by $2,100. f. Utility bills totaling $1,500  were  paid.  $700  of  this  amount  was  associated  with March’s operations. g. Depreciation expense was $2,700. h. Selling expenses were $1,900. i. A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government. j. Administrative and miscellaneous expenses were recorded at $4,700 Based on the above data, answer the given subquestions.

Total expenses for the month of April is

QED Electronics Company had the following transactions during April while conducting its television and stereo repair business. a. Parts with a cost of $1,600 were received and used during April. b. Service  revenue  for  the  month  was  $33,400,  but  only  $20,500  was  cash  sales.  c. Interest expense on loans outstanding was $880. d. Wage costs for the month totaled $10,000; however, $1,400 of this had not yet been paid to the employees. e. Parts inventory from the beginning of the month was depleted by $2,100. f. Utility bills totaling $1,500  were  paid.  $700  of  this  amount  was  associated  with March’s operations. g. Depreciation expense was $2,700. h. Selling expenses were $1,900. i. A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government. j. Administrative and miscellaneous expenses were recorded at $4,700 Based on the above data, answer the given subquestions.

Total Revenue for the month of April is

QED Electronics Company had the following transactions during April while conducting its television and stereo repair business. a. Parts with a cost of $1,600 were received and used during April. b. Service  revenue  for  the  month  was  $33,400,  but  only  $20,500  was  cash  sales.  c. Interest expense on loans outstanding was $880. d. Wage costs for the month totaled $10,000; however, $1,400 of this had not yet been paid to the employees. e. Parts inventory from the beginning of the month was depleted by $2,100. f. Utility bills totaling $1,500  were  paid.  $700  of  this  amount  was  associated  with March’s operations. g. Depreciation expense was $2,700. h. Selling expenses were $1,900. i. A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government. j. Administrative and miscellaneous expenses were recorded at $4,700 Based on the above data, answer the given subquestions.

Net profit for the month of April is

Based on the below financial statements of ABC limited, answer the given subquestions:

What is the cash flow from operating activities.

Based on the below financial statements of ABC limited, answer the given subquestions:

What is the cash flow from investing activities

Based on the below financial statements of ABC limited, answer the given subquestions:

What is the cash flow from financing activities. Hint: Retained Earnings (Ending) = Retained Earnings (Beginning) + Net Income - Dividends