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1.On 1 October 2013, Fresco acquired an item of plant under a five-year finance lease agreement. The plant had a cash purchase cost of $25 million. The agreement had an implicit finance cost of 10% per annum and required an immediate deposit of $2 million and annual rentals of $6 million paid on 30 September each year for five years.
What would be the current liability for the leased plant in Fresco’s statement of financial position as at 30 September 2014?
A $19,300,000
B $4,070,000
C $5,000,000
D $3,850,000
2.The following information has been taken or calculated from Fowler’s financial statements for the year ended 30 September 2014.
Fowler’s cash cycle at 30 September 2014 is 70 days. Its inventory turnover is six times.
Year-end trade payables are $230,000.
Purchases on credit for the year were $2 million.
Cost of sales for the year was $1·8 million.
What is Fowler’s trade receivables collection period as at 30 September 2014?
All calculations should be made to the nearest full day. The trading year is 365 days.
A 106 days
B 89 days
C 56 days
D 51 days
