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Fundamentals of Financial Accounting Questions 91–95 (page: 20)

Refer to the Exhibit.



The following information is available for the period for AC Limited, a manufacturing company:

The factory cost of goods completed for the period was

Refer to the Exhibit.


A company that is VAT-registered has the following transaction for the month of March. All purchases were in respect of goods for resale and all items were subject to VAT at 17.5%.

Opening inventory was $16,200 and closing inventory was $18,400.

The gross profit for the period was

On 1 January 2001, a company owed a supplier $840.

During the month of January the company purchased goods for $1400 and returned goods valued at $200. A payment of $200 was made towards the outstanding balance. The supplier offered a discount of 5% on purchases.

The balance on the supplier's account at the end of the period is:

An organization's trial balance at the end of the month was out of agreement, with the debit side totaling $500 less than the credit side. A suspense account was opened for this amount.
During the next month, the following errors were discovered:

(a) The purchase returns day book had been under cast by $50

(b) Rent payable of $400 had been credited to the rent receivable account

(c) A non-current asset, with a net book value of $700 had been disposed of at a loss of $80; all entries had been correctly recorded except that the sale proceeds had been omitted from the disposals account.

Following the correction of these errors, the balance on the suspense account would be.

Refer to the exhibit.



The following information is available for a company:

The company has declared an ordinary dividend of $0.05 per share.

What is the total dividend payment to be made by the company?