Question

The following selected information is based on the Year 7 financial statements adapted from those of Beyond Petroleum (BP). BP applies IFRS and reports its results in millions of U.S. dollars. Compute the missing information in each of the following four independent cases. The letters in parentheses refer to the following:
BS—Balance sheet
IS—Income statement
SCF—Statement of cash flows
a. Accounts Receivable, January 1, Year 7 (BS) . . . . . . . . . . . . . . . . $ ?
Sales on Account for Year 7 (IS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,951
Collections from Customers on Account during Year 7 (SCF) . . . . . . 289,623
Accounts Receivable, December 31, Year 7 (BS) . . . . . . . . . . . . . . . 38,020
b. Income Taxes Payable, January 1, Year 7 (BS) . . . . . . . . . . . . . . . $ 2,635
Income Tax Expense for Year 7 (IS) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,442
Payments to Governments during Year 7 (SCF) . . . . . . . . . . . . . . . . ?
Income Taxes Payable, December 31, Year 7 (BS) . . . . . . . . . . . . . . 3,282
c. Trade Payables, January 1, Year 7 (BS) . . . . . . . . . . . . . . . . . . . . $ 42,236
Purchases of Supplies during Year 7 (SCF) . . . . . . . . . . . . . . . . . . . . 15,162
Payments to Suppliers during Year 7 (SCF). . . . . . . . . . . . . . . . . . . . ?
Trade Payables, December 31, Year 7 (BS) . . . . . . . . . . . . . . . . . . . 43,152
d. Retained Earnings, January 1, Year 7 (BS). . . . . . . . . . . . . . . . . . $ 88,453
Net Income for Year 7 (IS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,169
Dividends Declared and Paid during Year 7 (SCF) . . . . . . . . . . . . . . 8,106
Retained Earnings, December 31, Year 7 (BS) . . . . . . . . . . . . . . ?



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  • CreatedMarch 04, 2014
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