CORRECT
Question
Category Answer Check 0
Lewin Ltd (Lewin) has 4 million shares on issue that were issued to the market at $1.20 per share.
The share price is now $1.40.
Assets consist of marketable securities that were recently revalued to $9 million.
Liabilities of $1.2 million consist of employee entitlements and tax liabilities.
Retained earnings are $3 million.
The entity has a contingent liability relating to a legal action for damages of $1.8 million, but settlement is assessed to be remote.
According to the Conceptual Framework for Financial Reporting, what amount would Lewin disclose as equity in the statement of financial position?
FINANCIAL STATEMENTS (IAS 1 &
NO
IAS 7) - FINANCIAL POSITION
A) $4,800,000
B) $6,000,000
C) $7,800,000
D) $8,600,000
INVESTMENT PROPERTY (IAS 40) NO
,Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
,Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
TAXABLE INCOME (IAS 12) NO
, Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
Question
Category Answer Check 0
Lewin Ltd (Lewin) has 4 million shares on issue that were issued to the market at $1.20 per share.
The share price is now $1.40.
Assets consist of marketable securities that were recently revalued to $9 million.
Liabilities of $1.2 million consist of employee entitlements and tax liabilities.
Retained earnings are $3 million.
The entity has a contingent liability relating to a legal action for damages of $1.8 million, but settlement is assessed to be remote.
According to the Conceptual Framework for Financial Reporting, what amount would Lewin disclose as equity in the statement of financial position?
FINANCIAL STATEMENTS (IAS 1 &
NO
IAS 7) - FINANCIAL POSITION
A) $4,800,000
B) $6,000,000
C) $7,800,000
D) $8,600,000
INVESTMENT PROPERTY (IAS 40) NO
,Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
,Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
TAXABLE INCOME (IAS 12) NO
, Question
Category Answer Check 0
TAXABLE INCOME (IAS 12) NO
