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Course Code: ENT 415 Credit Unit: 2.
Course Title: Analysis of Financial Statement
Time Allowed: 2 Hours.
Instructions: 1. Attempt Question 1 and any other two (2) Questions.
2. Question 1 is compulsory and carries 30 marks
while the other 2 Questions carry 20 marks each.
3. Present all your points in coherent and orderly manner.
_______________________________________________________________
Statement-1 EUA Co. Ltd -Balance Sheet as at December 31, 2010
Assets N Liabilities N
Cash 70,000 Accounts payable 150,000
Marketable securities 30,000 Note payable to bank (8%) 200,000
Accounts receivable, net 450,000 Accruals 20,000
Inventories 350,000 Income tax payable 80,000
Total current assets 900,000 Total current liabilities 450,000
Mortgage Bonds (6%) 150,000
Gross plant and equipment 2,100,000 Debenture (7%) 400,000
Allowance for depreciation (500,000) Total liabilities 1,000,000
Net plant and equipment 1,600,000
Shareholder’s equity
Ordinary Shares 500,000
Retain earnings 1,000,000
Shareholder’s equity 1,500,000
Total assets 2,500,000 Liabilities plus equity 2,500,000
The annual sinking fund contribution is N25,000
Statement-2 EUA Co. Ltd –Income Statement for the year ended December 31, 2010 =======================================================
N N N N
Net Sales 5,400,000
Cost of goods sold 4,400,000
Gross Margin on sales 1,000,000
Operating expenses:
Selling 400,000
General and Administrative 130,000
Lease payment 20,000
Total operating expenses 550,000
Other revenues- Interest on Marketable Securities + royalties 3,000
Operating income plus other revenues 453,000
Less other expenses:
Interest on bank note 16,000
Interest on mortgage 9,000
Interest on debentures 28,000
Total interest 53,000
Net income before taxes 400,000
Income taxes (at 50%) 200,000
Net after tax income available to ordinary shareholders (net profit) 200,000
Dividends 30,000
Increase in retained earnings 170,000
(30 marks)
2. Explain cash flow statement and discuss three basic elements and the uses. (20 marks)
3. Discuss financial statement as a tool for management decision making in a business organization.
(20 marks)
4. In Receivable management, “receivables expect cash in future”. Explain. (20 marks)
5. Explain the steps of cash management of business enterprise. (20 marks)
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You can now use you matric number to login as your username and password in a lowercase.
https://elearn.nouedu2.net/login/
Note that you are to change your passw...
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