Question 1. Identify which basic principle of accounting is best described in each of the following items:
a. ABBA Company, in addition the Financial Statements, publishes also notes to its financial statements and supplementary information.
b. Gamma Co. reports trading investments on its statement of financial position at their estimated fair value.
c. EdilCentro recognizes supplies cost as an expense when using them, instead of when purchasing them.
d. KCC Co. records revenues when it performs a service for its customers even though cash is collected later.
Question 2. Presented below is information related to Brown Co (amounts in thousands)
Interest revenue € 30,000
Sales revenue 2,800,000
Sales returns and allowances 120,000
Sales discounts 36,000
Cost of goods sold 1,000,000
Advertising Expense 200,000
Sales Commissions 160,000
Salaries of Sales personnel 240,000
Depreciation of Office Buildings 120,000
Office Supplies Expenses 68,000
Other general expenses 80,000
Interest expense 160,000
Gain from sale of equipment 320,000
Loss from sale of a division 80,000
Dividends paid on preferred shares 18,000
Assume the total effective tax rate on all items is 20%.
100,000 ordinary shares were outstanding during the year
Prepare an Income Statement.
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