8% Debentures (2025) 250Administrative expenses 171Cash and cash equivalents 14Cost of sales 466Debenture interest 8Distribution costs 63Dividends paid 80Inventory at 31 December 2020 33Issued capital:Ordinary shares of $0.25 each at 31 December 2020 500Non-current assetsCost 1140Provision for depreciation at 1 January 2020 140Retained earnings at 1 January 2020 129Revenue 923Share premium at 31 December 2020 70Trade payables 42Trade receivables 792054 2054The following information is also available at 31 December 2020.1 Administrative expenses included insurance of $16 000 for four months ended31 January 2021.2 Depreciation should be provided on non-current assets at 25% per annum using the reducingbalance method. Depreciation charges should be allocated 20% to distribution costs and 80%to administrative expenses.3 The account of a credit customer, $3000, should be written off to administrative expenses asan irrecoverable debt.4 Debenture interest was outstanding for the second half of the year. The directors had issuedadditional debentures of $50 000 on 1 October 2020.

A company issued 10,000, 10% debentures of` 100 each at a premium of 10% on1.4.2017 to be matured on 1.4.2022. The debentures will be redeemed on maturity.COMPUTE the cost of debentures assuming 35% as tax rate.© The Institute of Chartered Accountants of India

(Amounts Expressed in Millions) 2020 2019For the Fiscal Years Ended September 26 and September 28, respectively:Net sales $ 274,515 $ 260,174Costs of sales 169,559 161,782Operating income 66,288 63,930Net income $ 57,411 $ 55,256At Year-End: Assets    Current assets:    Cash and cash equivalents $ 38,016 $ 48,844Short-term marketable securities 52,927 51,713Accounts receivable, net 16,120 22,926Inventories 4,061 4,106Vendor non-trade receivables 21,325 22,878Other current assets 11,264 12,352Total current assets 143,713 162,819Noncurrent assets:    Long-term marketable securities 100,887 105,341Property, plant, and equipment, net 36,766 37,378Other noncurrent assets 42,522 32,978Total noncurrent assets $ 180,175 $ 175,697Total assets $ 323,888 $ 338,516Liabilities and Shareholders’ Equity    Current liabilities:    Accounts payable $ 42,296 $ 46,236Other current liabilities 42,684 37,720Deferred revenue 6,643 5,522Commercial paper 4,996 5,980Current portion of term debt 8,773 10,260Total current liabilities 105,392 105,718Noncurrent liabilities:    Noncurrent portion of term debt 98,667 91,807Other noncurrent liabilities 54,490 50,503Total noncurrent liabilities 153,157 142,310Total liabilities 258,549 248,028Shareholders’ equity:    Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively 50,779 45,174Retained earnings 14,966 45,898Accumulated other comprehensive income/(loss) (406) (584)Total shareholders’ equity 65,339 90,488Total liabilities and shareholders’ equity $ 323,888 $ 338,516At September 29, 2018, total assets were $365,725 and total shareholders’ equity was $107,147.Required:Calculate Apple Incorporated’s working capital, current ratio, and acid-test ratio at September 26, 2020, and September 28, 2019.

26 On July 01, 2022, Panther Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 8% premium andredeemable at a premium of 15% in four equal instalments starting from the end of the third year. Thebalance in Securities Premium on the date of issue of debentures was ₹ 80,000. Interest on debentureswas to be paid on March 31 every year.Pass Journal entries for the financial year 2022-23. Also prepare Loss on Issue of Debentures account.6PART BOption - I(Analysis of Financial Statements)27 ‘Freedom to Choose of method of depreciation’ refers to which limitation of financial statementanalysis.a) Historical analysis.b) Qualitative aspect ignored.c) Not free from bias.d) Ignore Price level Changes.OR. ............ is included in current assets while preparing balance sheet as per revised Schedule III butexcluded from current assets while calculating Current Ratioa) Debtors.b) Cash and Cash Equivalent.c) Loose tools and Stores and spares.d) Prepaid Expense.128 Debt-Equity Ratio of Dhamaka Ltd is 3 : 1. Which of the following will result in decrease in this ratio?a) Issue of Debentures for Cash of ₹2,00,000.b) Issue of Debentures of ₹3,00,000 to Vendors from whom Machinery was purchased.c) Goods purchased on Credit of ₹1,00,000.d) Issue of Equity Shares of ₹2,00,000.129 Statement I:- Sale of Marketable Securities will result in no flow of Cash. 1

The following amounts were reported on the December 31, 2022, balance sheet:Retained earnings $ 140,000Buildings and equipment, net of accumulated depreciation 150,000Accounts receivable 38,000Common stock 20,000Wages payable 5,000Cash 13,000Land 60,000Accounts payable 25,000Bonds payable 90,000Merchandise inventory 24,000The current ratio at December 31, 2022 was:

A company commenced business on 1 July 2022. On 30 June 2023, an extract of the statement of financial position prepared for internal purposes, but excluding the effect of income tax, disclosed the following information:  AssetsLiabilitiesCash$20,000Accounts Payables$50,000Inventories60,000Provision for annual Leave8,000Plant200,000  Accumulated Depreciation(20,000)   Additional information:  The plant was acquired on 1 July 2022. Depreciation for accounting purposes was 10% (straight-line method), while 20% (straight-line) was used for tax purposes. The tax rate is 30%.The deferred tax liability and deferred tax asset are:Group of answer choicesDTL = $2,400 and DTA = $6,000DTL = $20,000 and DTA = $8,000DTL = $8,000 and DTA = $20,000DTL = $6,000 and DTA = $2,400