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Financial Acounting Balance Sheets, Exercises of Financial Accounting

State University of New York at Canton (SUNY)Financial Accounting

Accounts Sevices,Bill Exchange,Grants and Stock Capital,Impairments of Cunstructions,Cash,Assets and Liabilities.From Universidad De Sevilla.

Typology: Exercises

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DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA
ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES
FINANCIAL ACCOUNTING
(DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5)
2008-2009
EXERCISES LESSON 3
BALANCE SHEET
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DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA

ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES

FINANCIAL ACCOUNTING

(DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5)

EXERCISES LESSON 3

BALANCE SHEET

EXERCISE 1 (LESSON 3)

REQUIRED: Prepare the Balance Sheet according to the normal model of the new PGC.

EXERCISE 2 (LESSON 3)

  1. Long-term loans to subsidiaries and associated companies. A-2) Adjustments for changes in value.
  2. Other long-term investments. I. Financial instruments available for sale. 50 V. Long-term financial investments. II. Hedging operations.
  3. Shares and long-term holdings in equity. 2.500 III. Other.
  4. Long-term credits to companies. A-3) Grants, donations and legacies received. 1.
  5. Other long-term financial investments. B) NON-CURRENT LIABILITIES VI. Deferred tax assets. I. Long-term provisions.
    1. Provisions for long-term employee benefits. B) CURRENT ASSETS 2. Environmental actions. 500 I. Non-current assets held for sale. 3. Provisions for reestructuring. II. Inventories. 4. Other provisions.
  6. Commercial (goods for sale). 900 II. Long-term debt.
  7. Raw materials and other supplies. 1. Debentures and other negotiable securities.
  8. Work-in process. 2. Long-term debt payable to credit institutions. 2.
  9. Finished goods. 3. Other (deposits and guarantees, bills of exchange,etc.).
  10. Auxiliary products, consumables and replacements.

III. Long-term debt payable to subsidiaries and associated companies.

  1. Advances to suppliers. IV. Deferred tax liability. III. Trade accounts receivables and other receivables.
  2. Trade accounts receivables for sale and services. 200 C) CURRENT LIABILITIES
  3. Accounts receivables from subsidiaries and associated companies.

I. Liabilities linked to non-current assets held for sale.

  1. Sundry accounts receivables. II. Short-term provisions.
  2. Employee receivables. III. Short-term debt.
  3. Assets for current tax. 50 1. Debentures and other negotiable securities.
  4. Other receivables from public authorities. 2. Short-term debt payable to credit institutions. 2.
  5. Called subscribed capital receivable. 3. Short-term derivative financial instruments. IV. Short-term investments in subsidiaries and associated companies.
    1. Other (deposits and guarantees, bills of exchange, etc.).
  6. Shares and short-term holdings in equity of subsidiaries and associated companies.

IV. Short-term debt payable to subsidiaries and associated companies.

  1. Short-term loans to subsidiaries and associated companies.
    1. Debt payable to subsidiaries and associated companies.
  2. Other short-term investments. 2. Subscribtions to share capital called. V. Short-term financial investments. V. Trade accounts payable and other payable.
  3. Shares and short-term holdings in equity. 1. Trade accounts payable for purchases and services. 50
  4. Short-term credits to companies. 550 2. Accounts payable to subsidiaries and associatedcompanies.
  5. Short-term derivative financial instruments. 3. Sundry accounts payable.
  6. Other short-term financial investments. 500 4. Salary payable. 20 VI. Accrual accounts. 270 5. Liability for current tax. VII. Cash and cash equivalents. 6. Other payable to public authorities. 220
  7. Cash. 1.355 7. Customer advances. 100
  8. Cash equivalents. VI. Accrual accounts. TOTAL ASSETS 24.875 TOTAL LIABILITIES 24.

EXERCISE 3 (LESSON 3)

The following list of accounts for Company Y Ltd. is available at the end of 200X.

Accumulated depreciation of tangible fixed assets and investment

SOLUTION

ASSETS LIABILITIES A) NON-CURRENT ASSETS 200X A) EQUITY 200X I. Intangible assets. A-1) Shareholders' equity.

  1. Development. I. Capital.
  2. Administrative concesions. 1. Registered capital. 370.
  3. Intelectual property, trademarks and others. 2. (Uncalled subscribed capital). - 20.
  4. Goodwill. II. Additional paid-in capital (share premium).
  5. Computer software. (^) 7.600 III. Reserves.
  6. Other intagible assets. 1. Legal and statutory. 50. II. Tangible fixed assets. 2. Other reserves. 103.
  7. Land and structures. (^) 410.000^ IV. (Shares and holding in equity of thecompany/Shares in the entity held by the entity).
  8. Plant and machinery, tools, furniture and other tangible assets. 261.410 V. Prior years' income.
  9. Tangible fixed assets in progress and advances. 1. Non-distributed income. III. Investment property. 2. (Prior years' negative income).
  10. Land. VI. Other owners' contributions.
  11. Structures. VII. Income for the year. 171. IV. Long-term investments in subsidiaries and associated companies. VIII. (Dividends paid in advance).
  12. Holdings in equity. IX. Other equity instruments.
  13. Loans to companies. A-2) Adjustments for changes in value.
  14. Debt instruments. I. Financial instruments held for sale. 2.
  15. Derivative financial instruments. II. Hedging operations.
  16. Other financial assets. III. Other. V. Long-term financial investments. A-3) Grants, donations and legacies received. 5.
  17. Holdings in equity. (^) 7.000 B) NON-CURRENT LIABILITIES
  18. Loans to companies. I. Long-term provisions.
  19. Debt instruments. 1. Provisions for long-term employee benefits.
  20. Derivative financial instruments. 2. Environmental actions.
  21. Other financial assets. 3. Provisions for reestructuring. VI. Deferred tax assets. 4. Other provisions. 95. II. Long-term debt. B) CURRENT ASSETS 1. Debentures and other negotiable securities. I. Non-current assets held for sale. 30.000 2. Long-term debt payable to credit institutions. II. Inventories. 3. Long-term debt from leasing contracts.
  22. Commercial (goods for sale). 4. Derivative financial instruments.
  23. Raw materials and other supplies. 2.100 3. Other financial liabilities. 48.
  24. Work-in process. 2.700 III. Long-term debt payable to subsidiaries andassociated companies.
  25. Finished goods. 7.500 IV. Deferred tax liability.
  26. Auxiliary products, consumables and replacements. V. Long-term accrual accounts.
  27. Advances to suppliers. III. Trade accounts receivables and other receivables. C) CURRENT LIABILITIES
  28. Trade accounts receivables for sale and services. 118.600^ I. Liabilities linked to non-current assets held for sale^ 10.
  29. Accounts receivables from subsidiaries and associated companies. II. Short-term provisions.
  30. Sundry accounts receivables. III. Short-term debt.
  31. Employee receivables. 2.100 1. Debentures and other negotiable securities.
  32. Assets for current tax. 2. Short-term debt payable to credit institutions. 76.
  33. Other receivables from public authorities. 3. Short-term debt from leasing contracts.
  34. Called subscribed capital receivable. 1.260 4. Derivative financial instruments.

IV. Short-term investments in subsidiaries

  1. Holdings in equity. IV. Short-term debt payable to subsidiaries andassociated companies.

  2. Derivative financial instruments. 2. Accounts payables to subsidiaries and associatedcompanies.

  3. Derivative financial instruments. VI. Short term accrual accounts.

    • BALANCE SHEET: LESSON
    • Accounts payable for goods 132, The following list of accounts for Company Risks Ltd. is available at the end of 200X.
    • Accounts payable for services 40,
    • Accounts receivable, bill of exchange 10,
    • Accumulated depreciation of constructions 30,
    • Advances to suppliers 12,
    • Called subscribed capital receivable 3,
    • Capital grants 40,
    • Capital stock 150,
    • Cash 84,
    • Cash equivalents 500,
    • Constructions 120,
    • Expenses paid in advance 5,
    • Impairment of constructions 6,
    • Impairment of inventories of other supplies
    • Income for the year 308,
    • Interest payable to credit institutions 3,
    • Inventories of other supplies 1,
    • Land 140,
    • Provisions for other responsibilities 20,
    • Salary paid in advance 3,
    • Short-term debt with credit institutions 150,
    • Short-term holdings in equity 6,
    • VAT payable 5,
  • Long-term holdings in equity (1) 2, The following list of accounts for Company C.V. Ltd. is available at the end of 200X.
  • Shares in the entity held by the entity 1,
  • Salary payable
  • Adjustments for changes in value of financial instruments available for sale
  • Accumulated depreciation of intangible assets
  • Accumulated depreciation of tangible fixed assets (2) 1,
  • Customers advances
  • Cash 1,
  • Capital stock 21,
  • Accounts receivable
  • Constructions (3) 5,
  • Constructions in progress
  • Short-term credit from the sale of tangible fixed assets
  • Impairment of inventories of goods for sale
  • Short-term debt with credit institutions 2,
  • Accounts payable for goods 170, ACCOUNT AMOUNT
  • Accounts payable for services 80,
  • Accounts receivable 95,
  • Accumulated depreciation of intangible assets 40, - 80, property (1)
  • Additional paid in capital 30,
  • Advances to suppliers 5,
  • Capital grants 45,
  • Capital stock 300,
  • Cash 2,
  • Computer hardware 130,
  • Computer software 90,
  • Containers and packaging returnable by customers 20,
  • Dividend receivable 18,
  • Doubtful accounts receivable 12,
  • Furniture 25,
  • Goodwill 200,
  • Impairment of accounts receivables 12,
  • Impairment of inventories of goods for sale 3,
  • Impairment of investment property (land) 15,
  • Income for the year (profits) 45,
  • Interest payable 1,
  • Inventory of goods for sale 38,
  • Investments in constructions 100,
  • Investments in land 60,
  • Long term credits to employees 40,
  • Long term debt with credit institutions 120,
  • Long term deposits in financial institutions 70,
  • Long term deposits and guarantees received 75,
  • Long term holdings in equity (initial balance) (2) 215,
  • Payable to public authorities (Income tax) 10,
  • Payable to public authorities (social security) 18,
  • Payable to public authorities (VAT) 29,
  • Provision for other responsibilities 120,
  • Revenues received in advance 35,
  • Short term credits 6,
  • Short term debt with credit institutions 36,
  • Short term debt with suppliers of fixed assets 12,
  • Short term holdings in equity 150,
  • Sundry accounts receivables 55,
  • Uncalled subscribed capital receivable 75,
  • Vehicles 180,
  • Voluntary reserve 270,
    • (1) Furniture: 5, • The breakdown of the accumulated depreciation is the following:
    • (2) Computer hardware: 25,
    • and associated companies. 3. Other financial liabilities. 11.
      1. Debt instruments. 1. Trade accounts payables for purchases and services. 7. 2. Loans to companies. V. Trade accounts payables and other payables.
    • V. Short-term financial investments. 4. Salary payable. 5. Other financial assets. 3. Sundry accounts payable.
      1. Holdings in equity. 5. Liability for current tax. 49.
      1. Loans to companies. 6. Other payables to public authorities. 10.
      1. Debt instruments. 7. Customer advances. 3.
    • VI. Accrual accounts. 1. 5. Other financial assets.
      1. Cash. 146. VII. Cash and cash equivalents.
    • TOTAL ASSETS 998.130 TOTAL LIABILITIES 998. 2. Cash equivalents.
  • EXERCISE 5 (LESSON 3) – From exam of course
  • Accounts payable for goods 70, Company Smith, Inc shows the following list of accounts in its adjusted trial balance at the end of year 2008.
  • Accounts payable for services 80,
  • Accounts receivable 90,
  • Additional paid-in capital 10,
  • Advances from customers 10,
  • Advances to suppliers 5,
  • Capital stock 500,
  • Cash 40,
  • Cash equivalents 4,
  • Computer hardware 70,
  • Computer software 5,
  • Development 200,
  • Doubtful accounts receivable 2,
  • Expenses paid in advance 35,
  • Furniture 25,
  • Impairment of inventory of goods for sale 3,
  • Impairment of investments in constructions 15,
  • Impairment of tangible fixed assets (machinery) 6,
  • Impairment of trade accounts receivable 2,
  • Income for the year (profits) 30,
  • Intangible fixed assets accumulated depreciation (2) 80,
  • Intellectual property 55,
  • Interest payable to credit institutions 2,
  • Inventory of goods for sale 8,
  • Investments in constructions 80,
  • Investments in land 30,
  • Legal reserve 85,
  • Long term credits to employees 10,
  • Long term deposits in financial institutions 75,
  • Long term guarantees given 25,

ASSETS LIABILITIES

A) NON-CURRENT ASSETS 200X A) EQUITY 200X

I. Intangible assets. A-1) Shareholders' equity.

  1. Development. 142.000 I. Capital.
  2. Administrative concesions. 1. Registered capital. 500.
  3. Intelectual property, trademarks and others. 35.000 2. (Uncalled subscribed capital). - 60.
  4. Goodwill.

II. Additional paid-in capital (share premium). 10.

  1. Computer software. 3.000 III. Reserves.
  2. Other intagible assets. 1. Legal and statutory. 85. II. Tangible fixed assets. 2. Other reserves.
  3. Land and structures. IV. Shares in the entity held by the entity.
  4. Plant and machinery, tools, furniture and other tangible assets. 109.000^ V. Prior years' income.
  5. Tangible fixed assets in progress and advances. 1. Non-distributed income. III. Investment property. 2. (Prior years' negative income). - 5.
  6. Land. 30.000 VI. Other owners' contributions.
  7. Structures. 65.000 VII. Income for the year. 30. IV. Long-term investments in subsidiaries and associated companies.

VIII. (Dividends paid in advance).

  1. Holdings in equity. IX. Other equity instruments.
  2. Loans to companies. A-2) Adjustments for changes in value.
  3. Debt instruments. I. Financial instruments available for sale. - 25.
  4. Derivative financial instruments. II. Hedging operations.
  5. Other financial assets. III. Other.

V. Long-term financial investments.

A-3) Grants, donations and legacies received.

  1. Holdings in equity. 175.000 B) NON-CURRENT LIABILITIES
  2. Loans to companies. 20.000 I. Long-term provisions.
  3. Debt instruments. 1. Provisions for long-term employee benefits.
  4. Derivative financial instruments. 2. Environmental actions. 20.
  5. Other financial assets. 100.000 3. Provisions for reestructuring. VI. Deferred tax assets. 4. Other provisions. II. Long-term debt. B) CURRENT ASSETS 1. Debentures and other negotiable securities. I. Non-current assets held for sale. 2. Long-term debt payable to credit institutions. 120. II. Inventories. 3. Long-term debt from leasing contracts.
  6. Commercial (goods for sale). 5.000 4. Derivative financial instruments.
  7. Raw materials and other supplies. 5. Other financial liabilities.
  8. Work-in process.

III. Long-term debt payable to subsidiaries and associated companies.

  1. Finished goods. IV. Deferred tax liability.
  2. Auxiliary products, consumables and replacements. V. Long-term accrual accounts.
  3. Advances to suppliers. 5. III. Trade accounts receivables and other receivables. C) CURRENT LIABILITIES
  4. Trade accounts receivables for sale and services. 90.

I. Liabilities linked to non-current assets held for sale

  1. Accounts receivables from subsidiaries and associated companies.

II. Short-term provisions.

  1. Sundry accounts receivables. III. Short-term debt.
  2. Employee receivables. 1. Debentures and other negotiable securities.
  3. Assets for current tax. 2. Short-term debt payable to credit institutions. 8.
  4. Other receivables from public authorities. 3. Short-term debt from leasing contracts.
  1. Called subscribed capital receivable. 4. Derivative financial instruments. IV. Short-term investments in subsidiaries and associated companies.
    1. Other financial liabilities. 2.
  2. Holdings in equity. IV. Short-term debt payable to subsidiariesand associated companies.
  3. Loans to companies. V. Trade accounts payables and otherpayables.
  4. Debt instruments.
    1. Trade accounts payables for purchases and services. 150.
  5. Derivative financial instruments. 2. Accounts payables to subsidiaries and associated companies.
  6. Other financial assets. 3. Sundry accounts payable. V. Short-term financial investments. 4. Salary payable.
  7. Holdings in equity. 20.000 5. Liability for current tax. 7.
  8. Loans to companies. 6.000 6. Other payables to public authorities. 27.
  9. Debt instruments. 7. Customer advances. 10.
  10. Derivative financial instruments. VI. Short term accrual accounts. 5.
  11. Other financial assets. VI. Accrual accounts. 35. VII. Cash and cash equivalents.
  12. Cash. 40.
  13. Cash equivalents. 4. TOTAL ASSETS 884.000 TOTAL LIABILITIES 884.