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Financial Accounting questions multiple choice about the chapter ( Cash & Investments )

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1)

The following information regarding the cash activities of Roves Ltd. for the month of April 20×5 is given below:

Cash balance per books, April 1

$2522

Cash received during April

53427

Cash payments made during April

38371

NSF cheques from customers shown on the bank statement

1580

Bank service charges

578

In preparing the bank reconciliation for the month of April, what is the adjusted cash balance per books at April 30th?

Select one:

a. $364

b. $17578

c. $15420

d. $15998

2)Tride Ltd. purchased 1085 shares of Next Ltd. on July 1, 20×5 at $15.80 per share. On December 31, 20×6, the market value had increased to $12.30. On February 28, 20×7, the shares of Next Ltd. were sold, and Tride Ltd. reported a Gain on FVTPL Investments of $7143.

Assuming that the investment in the shares of Next Ltd. is classified as FVTPL, how much were the Next Ltd. shares sold for on February 28, 20×7?

Select one:

a. $10000

b. $6202

c. $20488

d. $24286

3)A company purchased shares costing $103344 during the year. These shares are classified as FVTPL. At the end of the year, the company received $6831 in dividends from these shares. At year-end, the fair value of the shares is $122955. What is the net impact on the Statement of Comprehensive Income for the year?

Select one:

a. $6831 revenue in profit and loss and $0 in other comprehensive income

b. $0 revenue in profit and loss and $26442 in other comprehensive income

c. $26442 revenue in profit and loss and $0 in other comprehensive income

d. $6831 revenue in profit and loss and $19611 in other comprehensive income

4)Tride Ltd. purchased 988 shares of Next Ltd. on July 1, 20×5 at $18.85 per share. On December 31, 20×5, the market value of the Next shares was $10.35 and on December 31, 20×6, the market value had increased to $13.13. On February 28, 20×7, the shares of Next Ltd. were sold for $22.79.

What is the balance of the Investment in Next Ltd. account at January 1, 20×7?

Select one:

a. $12972

b. $18624

c. $22517

d. $10226

5)

Tride Ltd. purchased 985 shares of Next Ltd. on July 1, 20×5 at $16.89 per share. On December 31, 20×5, the market value of the Next shares was $9.86 and on December 31, 20×6, the market value had increased to $13.51. On February 28, 20×7, the shares of Next Ltd. were sold for $24.63.

Assuming that the investment in the shares of Next Ltd. is classified as FVTPL, which of the following would be part of the February 28, 20×7 journal entry?

Select one:

a. Debit Gain on FVTPL Investments $10953

b. Credit OCI – Gain on FVTOCI Investments $10953

c. Credit Retained Earnings $7624

d. Credit Gain on FVTPL Investments $10953

 

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