Perdisco Manual Accounting Set Financial Statements Week 13 PDF

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Perdisco Manual Accounting Set Financial Statements Week 13...

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Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Manual Accounting Practice Set Technology Boutique, Australasian Edition 3

Feedback: Financial statements This is your last feedback page in this practice set. After you have reviewed this feedback page, to ensure that your final score is recorded complete this practice set by clicking the Finish button below. You will then see your final score.

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Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) Points (on this page) Points (after this page) Total

1056 1,224 57

57

−

0

1113 1,281

Completed: 99% Click the Finish button below to ensure your final score is recorded.

Congratulations! You have now reached the final stage of the accounting cycle. To complete this page of the practice set, you are now asked to prepare the following financial statements: Income statement. This statement is prepared to help assess the financial performance of the business. It summarises the income earned and expenses incurred over the month of June. Statement of changes in equity. This statement shows the movements in equity over the month of June. Balance sheet. This statement reports the financial position of the business at the end of June. It presents the assets, liabilities and equity of the business as at 30 June 2019. Instructions for financial statements Using the company's accounting policies found in the policies and procedures popup, and appropriate information from previous pages of the practice set: 1) Prepare an income statement for the month of June. To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets around the input box. Note that there are two instances where you are required to select profit or loss from a drop-down list. Brackets will be displayed if you select loss. You may not need to use all of the lines in the income statement.

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

2) Prepare a statement of changes in equity for the month of June Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already indicated on the statement with brackets around the input box. Note that you are required to select profit/loss from a drop-down list. Brackets will be displayed if you select loss. 3) Prepare a balance sheet as at the end of June. To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets around the input box. You are required to report the net difference of the GST Collections and GST Outlays accounts as one line in the balance sheet. This is reported as GST Payable when the business is required to pay the net amount to the Australian Taxation Office or GST Receivable if the business is entitled to receive the net difference from the Australian Taxation Office. Consequently, the names in the Chart of accounts popup in the balance sheet display the names of the line items to be reported on the balance sheet (GST Receivable and GST Payable) rather than the names of the general ledger accounts used to record GST (GST Collections and GST Outlays). You may not need to use all of the lines in the balance sheet. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.

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Income Statement

Changes in Equity

Balance Sheet

Tech Head Income Statement For the month ended 30/06/2019

INCOME

$

$

Revenue Sales Revenue Sales Returns and Allowances

292590

(

15750 )

$

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Net sales revenue

276840

(

COST OF SALES

143570 ) 133270

GROSS PROFIT Other Income Interest Revenue

897

Discount Received

190

TOTAL INCOME

134357

EXPENSES Selling and distribution expenses Advertising Expense

(

2000 )

Wages Expense

(

57012 )

Rent Expense

(

2400 )

Electricity Expense

(

387 )

Water Expense

(

116 )

Insurance Expense

(

590 )

Depn Expense: Cash Registers

(

142 )

Depn Expense: Store Fixtures

(

375 )

(

63022 )

(

7037 )

Administrative expenses Office Supplies Expense

(

837 )

Salary Expense

(

6200 )

(

)

(

)

(

)

(

)

(

)

(

)

Financial and other expenses Interest Expense

(

230 )

Bank Charges

(

11 )

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Discount Allowed

(

500 )

(

)

(

)

(

)

(

)

(

) (

741 )

(

TOTAL EXPENSES PROFIT

63557

BEFORE INCOME TAX

Feedback

Tech Head Income Statement For the month ended 30/06/2019

INCOME

$

$

$

Revenue Sales Revenue

292,590

Sales Returns and Allowances

(15,750) 276,840

Net sales revenue COST OF SALES

(143,570)

GROSS PROFIT Other Income

133,270

Discount Received Interest Revenue

190 897 134,357

TOTAL INCOME EXPENSES Selling and distribution expenses Advertising Expense Wages Expense Rent Expense Electricity Expense

70800 )

(2,000) (57,012) (2,400) (387)

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Water Expense

(116)

Insurance Expense

(590)

Depn Expense: Cash Registers

(142)

Depn Expense: Store Fixtures

(375) (63,022)

Administrative expenses Office Supplies Expense Salary Expense

(837) (6,200) (7,037)

Financial and other expenses Interest Expense

(230)

Bank Charges

(11)

Discount Allowed

(500) (741) (70,800)

TOTAL EXPENSES

63,557

PROFIT BEFORE INCOME TAX

Tech Head Statement of Changes in Equity For the month ended 30/06/2019

$

SHARE CAPITAL Opening balance 31/05/2019

45000

Issue of share capital

0

Closing balance 30/06/2019

45000

RETAINED EARNINGS Opening balance 31/05/2019 Profit

177686 63557

for the period

Dividend paid Closing balance 30/06/2019

(

0) 241243

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Feedback

Tech Head Statement of Changes in Equity For the month ended 30/06/2019 SHARE CAPITAL

$

Opening balance 31/05/2019 Issue of share capital

45,000 0

Closing balance 30/06/2019

45,000

RETAINED EARNINGS Opening balance 31/05/2019 177,686 Profit for the period Dividend paid Closing balance 30/06/2019

63,557 (0) 241,243

Tech Head Balance sheet As at 30/06/2019 ASSETS

$

$

Current Assets Cash at Bank

166333

ARC - Accounts Receivable Contro

107925

Inventory

53460

Office Supplies

2264

Prepaid Rent

1200

$

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Prepaid Advertising

4000

Prepaid Insurance

2360

Interest Receivable

115

Short-term Investments

23000

Total Current Assets

360657

Non-current Assets Cash Registers Accum Depn: Cash Registers

10000

(

Store Fixtures Accum Depn: Store Fixtures

2409 ) 46000

(

27375 )

Total Non-current assets

26216

TOTAL ASSETS

386873

LIABILITIES Current Liabilities APC - Accounts Payable Control

19437

Wages Payable

11220

Electricity Payable

473

Water Payable

229

Interest Payable

460

GST Payable

22811

Total Current Liabilities

54630

Non-current Liabilities Bank Loan Payable

46000

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Total Non-current Liabilities

46000

TOTAL LIABILITIES

100630

NET ASSETS

286243

EQUITY Share Capital

45000

Retained Earnings

241243 286243

TOTAL EQUITY

Feedback

Tech Head Balance sheet As at 30/06/2019 ASSETS

$

Current Assets Cash at Bank Short-term Investments

166,333 23,000

ARC - Accounts Receivable Control 107,925 Interest Receivable Inventory Office Supplies

115 53,460 2,264

$

$

Financial statements

https://www.perdisco.com/elms/qsam/html/qsam.a

Prepaid Rent

1,200

Prepaid Advertising

4,000

Prepaid Insurance

2,360 360,657

Total Current Assets Non-current Assets Cash Registers

10,000

Accum Depn: Cash Registers

(2,409)

Store Fixtures Accum Depn: Store Fixtures

46,000 (27,375) 26,216

Total Non-current assets

386,873

TOTAL ASSETS LIABILITIES Current Liabilities APC - Accounts Payable Control

19,437

Wages Payable

11,220

Electricity Payable

473

Water Payable

229

Interest Payable GST Payable

460 22,811 54,630

Total Current Liabilities Non-current Liabilities Bank Loan Payable Total Non-current Liabilities

46,000 46,000

TOTAL LIABILITIES

100,630

NET ASSETS

286,243

EQUITY Share Capital Retained Earnings TOTAL EQUITY

Manual Accounting Practice Set Technology Boutique, Australasian Edition 3 (VTA3q) © 2009 - 2014 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Friday, May 24, 2019, 16:08

45,000 241,243 286,243...