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4. Silas Company reported the following information for 2019: Sales revenue $600,000 Cost of goods sold...

4. Silas Company reported the following information for 2019: Sales revenue $600,000 Cost of goods sold 350,000 Operating expenses 55,000 Unrealized holding gain on available-for-sale securities 20,000 Cash dividends received on the securities 2,000 For 2019, Silas would report other comprehensive income of

5. The DEREAN Inc, shows the following balances at September 30, 2020. Cash paid to suppliers for goods was 685,000 AED. Oct.1, 2019 September 30,2020 Inventory 245,000 120,000 Account Payables 95,000 45,000 What was cost of goods sold on income statement? (Cash to accrual basis)

6. The president of Kress Inc. used his expense account to record a purchase of a new Mazda solely for personal use. The following journal entry was made. Miscellaneous Expense 29,000 Cash 29,000 Did he account for this transaction in accordance with the IFRS? Assess and comment his accounting performance. Formulas: Revenues +/- CA changes +/- CL changes = Cash Collection (Exp) +/- CA changes +/- CL changes = (Cash Payments)

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Answer #1

Solution:

4. Net Income = Sales revenue + Dividend received - cost of goods sold - Operating expenses

= $600,000 + $2,000 - $350,000 - $55,000

= $512,000

Other Comprehensive income = Unrealised holding gain = $20,000

Comprehensive income = $512,000 + $20,000 = $532,000

5. Cost of goods sold (Cash to accrual basis)

Cash paid for inventory - Ending inventory = $685,000 - $120,000 = $565,000

6. He did not account for transaction as per IFRS , There is violation of economic entity assumption.

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