whatsapp

Connect on Whatsapp : +97143393999, Uninterrupted Access, 24x7 Availability, 100% Confidential. Connect Now

Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

loader
250 words

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Students Who Viewed This Also Studied

7 Pages
ACT 302 Strategic Management Accounting

Task: Purpose. Peaceful and harmonious living is something all beings must enjoy across generations. Sustainable practices allow contributing to this noble cause. This assignment provides students w ...

Course

ACT302

Type

Assignment

Subject

Accounting

University

Charles Darwin University

79 Pages
ACCT 3132 Advanced Financial Accounting

Task Question 1. (25 MARKS) Glow Bhd is a manufacturer and supplier of pearls to Asean countries. In order to ensure the quality of the supplied pearls, it invested in two pearls manufacturing com ...

Course

ACCT 3132

Type

Programming

Subject

Accounting

University

Infrastructure University Kuala Lumpur

12 Pages
HI5019 Strategic Information Systems for Business and Enterprise

Question: Assignment Detail Part A. Literature Review. Select the topic of your interest from the Accounting Information System (attend drop-in session to get guidelines on the selecting the to ...

Course

HI5019

Type

Assignment

Subject

Accounting

University

Holmes Institute

16 Pages
FIN407 International Financial Management

Questions: Question 1. Sate whether these statements below are an example of primary market transaction or secondary market transaction. Apple Computer decides to issue additional stock wit ...

Course

FIN407

Type

Course Work

Subject

Accounting

University

Abu Dhabi University

ACCT 1008 Acounting for Business

Question

Answered

Do you do these type of assiginments QUESTION 1: Balance Day Adjustments Below is the unadjusted Trial Balance as at 30 June 2021 for “Around The Green”, a retail business specialising in golfing equipment and apparel. It is owned and operated by Juan Wood. Away From It All Unadjusted Trial Balance As at 30 June 2021 Debit ($) Credit ($) Cash at Bank 35,688 Accounts Receivable 42,500 Inventory 187,200 Prepaid Insurance 6,552 Office Supplies on hand 4,368 Furniture & Fittings 53,040 Accumulated Depreciation – Furniture & Fittings 15,912 Equipment 62,400 Accumulated Depreciation – Equipment 24,960 Accounts Payable 36,036 Loan Payable 156,000 J. Wood – Capital (1 July 2020) 88,296 J. Wood – Drawings 37,440 Sales Revenue 921,372 Sales Returns and Allowances 13,232 Cost of Sales 549,744 Discount received 17,276 Freight inwards 12,480 Sales Salary Expense 91,104 Delivery Expense 24,336 Advertising Expense 29,267 Rent Expense 38,064 Office Salaries Expense 45,000 Telephone/Internet Expense 11,776 Electricity Expense 6,613 Discount Allowed 9,048 Totals 1,259,852 1,259,852 On the following page is additional information that Juan has provided to you in relation to the year ended 30 June 2021. ? 1. Office Salaries which are payable but have not yet been recorded as at 30 June 2021 are $1,570. 2. Juan conducted a count of his stationery room on 30 June 2021. This count revealed that office supplies still on hand at that time were $3,474. 3. Both the Furniture & Fittings and the Equipment are expected to be used evenly over their useful lives. The expected total useful lives and residual values of both assets is as follows: Estimated Useful life Estimated Residual Furniture & Fittings 8 years $0 Equipment 10 years $3,400 4. To assist with his businesses cash management, Juan applied to his bank on 14 May 2021 for a bank overdraft facility of $30,000 on his business bank account. The bank approved the overdraft facility on the account on 26 May 2021. 5. On 30 June 2021 Juan reviewed his outstanding Accounts Receivable balance. Based on his previous experience, he has estimated that 2% of this balance is unlikely to be collected. 6. A specially imported hand-crafted golf driver costing $4,830 was ordered and paid for by a customer on 27 June 2021. At the time of the sale, Juan recorded this amount as Sales Revenue. Juan has received confirmation from the manufacturer that due to manufacturing delays, the driver will not be delivered and available for the customer until at least 25 October 2021. 7. On 1 November 2020, Juan took out a 2-year insurance policy for his inventory and contents. This policy was paid for from the business bank account on the same day and was recorded as Prepaid Insurance. 8. Juan’s last bill from his telecommunications provider for the business was for the month ending 31 May 2021, and this account was paid in early June. He has not yet received the June account, but has estimated that the cost of his telephone and internet usage up until 30 June 2021 was $1,100. REQUIRED: It is now the end of the financial year, and based on the information she has provided above, Juan has asked you to prepare any necessary balance day adjusting journals. Use the General Journal document provided on the following page to record the journal entries required. Ensure that each one is correctly formatted, includes an appropriate narration (explanation) and leave a single line gap between each entry.  ? General Journal Date Details Debit ($) Credit ($) ? QUESTION 2: Financial Statement The following adjusted Trial Balance for “Feet Up Furniture” has been prepared at the end of the financial year ended 30 June 2021 by the business owner, Sofia Bed. REQUIRED: Using the Trial Balance provided below, prepare the following for the period in question: a) Fully classified Income Statement b) Statement of Changes in Equity  Debit ($) Credit ($) Cash at Bank 64,400 Accounts Receivable 68,600 Inventory (30 June 2021) 29,344 Allowance for Doubtful Debts 1,400 Prepaid Advertising 2,156 Shop Furniture & Fittings 35,000 Accumulated Depreciation – Shop Furniture & Fittings 12,628 Sales Equipment 20,160 Advertising Payable 6,300 Accounts Payable 22,400 Interest Payable 840 Loan Payable 47,040 S. Bed - Capital (1 July 2020) 62,734 S. Bed - Drawings 25,900 Sales 766,234 Sales Returns & Allowances 12,082 Discount Received 4,340 Electricity Expense 2,240 COS 540,694 Depreciation Expense – Shop Furniture & Fittings 4,970 Freight Inwards 3,948 Rent Expense 41,020 Discount Allowed 5,180 Salaries Expense - Store 46,760 Advertising Expense 784 Interest Expense 658 Doubtful Debts Expense 1,400 Salaries Expense - Admin 18,620 Totals 923,916 923,916 Sofia has provided the following additional information to assist you with your statement preparation: • $6,700 of the Rent expense specifically relates to the administration office. The remainder of this expense relates to running the store. • 20% of the Electricity expense specifically relates to the administration office. The remainder of this expense relates to running the store. Answer on following page (insert additional pages if required) QUESTION 3: Accounting Concepts As part of your continuing professional development as a graduate accountant at JLL Accounting Pty Ltd, the Managing Partner (Janelle Ledger) has asked you to review each of the following separate cases where a client has violated at least one of the accounting assumptions, concepts or definitions that you studied at university in Accounting For Business. The Managing Partner (Janelle Ledger) has again asked that you prepare your explanations in the form of a formal business letter addressed to her (not the clients). If she is satisfied with your explanations, this letter will then be used as the basis of a response to these clients. In your letter, you need to provide the following for each of the three separate cases: • Explain the main accounting concept or assumption that has been violated, and; • Describe what the correct treatment should be in each case. 1. Luke, the owner of a market garden, paid for repairs to the gutters of his home using the business bank account. He recorded this as a debit to Maintenance Expense and credit to Cash at Bank in the business accounts. 2. Han, the owner of a transport business, is aware that the loss of large sums of money is probable because several customers were close to bankruptcy. The customers concerned probably would not be able to pay their debts. Han has decided that no allowance should be made because the losses have not yet occurred. 3. Leia, the owner of a small bakery specialising in large, cinnamon rolls, recorded the entire cost of a new oven to an expense account in the year the oven was purchased. Leia believes that the oven will be useful to her for 7 years.  The remaining 3 marks will be awarded for following the formatting requirements below. • Date your letter the 6th July 2021 • Address your letter to: Janelle Ledger (Managing Partner), JLL Accounting Pty Ltd, 44 The Parade, Norwood, SA, 5067 • Any formal business letter format is acceptable. Please note that a template has not been provided, and students are expected to research business letter formats themselves. • Set out your letter with subheadings to separate each part of your letter as you address each of the individual cases. • Use of an appropriate professional way to begin and end your letter. You must consider the context of the letter – who are you writing to, and how would you communicate with them in a professional manner? • The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. • No specific word count is prescribed. However, given the nature of the questions, it would be expected that the entire letter (including address and signoff) should require no more than one A4 page. ? QUESTION 4: Cash Flow Statement  Ohm Improvements Pty Ltd is a local electrical business, owned and operated by Meg Watts. Meg has provided you with the following financial information to assist with the preparation of a Cash Flow Statement Current Assets 2021 2020 Cash on Hand 12,250 4,200 Cash at Bank 37,450 16,100 Accounts Receivable (net) 20,300 17,150 Inventory 108,500 115,500 Prepaid Expenses 12,250 190,750 11,550 164,500 Non-Current Assets Plant & Equipment 311,500 266,000 less Acc. Depreciation (159,600) 151,900 (142,800) 123,200 Land 45,500 80,500 Total Assets 388,150 368,200 Current Liabilities Bank Overdraft 7,000 0 Accounts Payable 22,400 26,250 Expenses Payable 7,350 10,850 Tax Payable 14,700 51,450 19,600 56,700 Non-Current Liabilities Loan 10,500 0 Total Liabilities 61,950 56,700 Net Assets 326,200 311,500 Shareholders’ Equity Share Capital 154,000 147,000 Retained Earnings 172,200 164,500 326,200 311,500 (Continued on the next page) ?  Net Sales 696,500 Cost of Sales 455,000 less: Discount Received (1,750) 453,250 Gross Profit 243,250 Other Revenue Gain on sale of land 21,000 Interest Revenue 2,100 23,100 266,350 Expenses: Selling & Admin Expense 135,450 Doubtful Debts Expense 3,150 Depreciation Expense 16,800 Interest Expense 4,200 159,600 Profit before tax 106,750 Income tax expense 33,075 Profit 73,675 Additional Information • Land with an historic cost of $35,000, was sold for $56,000 cash making the company an accounting profit (gain) of $21,000. REQUIRED: 1. Prepare a Statement of Cash Flows in the template provided on the following page. You must show all calculations 2. Meg thinks you have done a terrible job with her Cash Flow Statement and cannot understand why her profit was so much higher than her increase in cash. Explain to Meg at least two of the factors that may be causing this apparent discrepancy. (answer this question in the section provided after the Cash Flow Statement template) $ $ Cash Flows from Operating Activities Receipts from customers Payments to suppliers & employees Cash generated by operations Interest received Interest paid Income tax paid Cash Flows from Investing Activities Proceeds from sale of land Payment for plant & equipment Cash Flows from Financing Activities Proceeds from loan Proceeds from share issue Dividends Net increase / decrease in cash held Cash at the beginning of the year Cash at the end of the year  Business students need to develop the ability to produce written work in a manner that is effective for straightforward business contexts, with a clear and logical structure. The following aspects of students’ written communication skills development in this subject • Presenting ideas and information that student has read in their own words, • Not simply taking what someone else has written and changing a few words. It is about translating another person’s ideas into the student’s own words. Does what is written contribute to answering the question(s) • Setting out to specifically answer the question(s) by using relevant information, • Staying ‘on track’ with answers, • Avoiding straying from the question and going off on irrelevant tangents.The written work is clear and understandable, • Where applicable, the written work is based on the facts and available evidence, • Exaggeration and bold statements which are not supported by the facts and evidence are avoided. Good presentation • The written work contains no spelling and grammatical errors. Obvious evidence of editing displayed.  • Any headings and subheadings display properly, and are used consistently throughout the document, • Page numbering is used. It is usual for page numbering to commence on page 2 of a business document as “2” N/A – template provided • Font size and font style are used consistently throughout the document, • If applicable, requested templates are used.

ACCT 1008 Acounting for Business

Answer in Detail

Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

48 More Pages to Come in This Document. Get access to the complete answer.

MyAssignmenthelp.com is a one-stop solution for all students who need live homework help. Our experts work round the clock to provide best quality homework help. We boast separate groups of experts for providing Algebra homework help, calculus homework, English homework help, accounting homework help, finance homework help, etc. Hence, we best cater to searches like can someone do my homework or can anyone help me on my homework.

More ACCT 1008 ACCT 1008 Acounting for Business: Questions & Answers

Q
icon

We aren't endorsed by this University

ACT 302 Strategic Management Accounting

Task: Purpose. Peaceful and harmonious living is something all beings must enjoy across generations. Sustainable practices allow contributing to this noble cause. This assignment provides students with an opportunity to design a sustainability accounting system for a firm with sustainability as it ...

View Answer
Q
icon

We aren't endorsed by this University

ACCT 3132 Advanced Financial Accounting

Task Question 1. (25 MARKS) Glow Bhd is a manufacturer and supplier of pearls to Asean countries. In order to ensure the quality of the supplied pearls, it invested in two pearls manufacturing company in Sabah, Tahitian Bhd and Vivid Bhd. The statements of financial positions of Glow Bhd, Tahiti ...

View Answer
Q
icon

We aren't endorsed by this University

HI5019 Strategic Information Systems for Business and Enterprise

Question: Assignment Detail Part A. Literature Review. Select the topic of your interest from the Accounting Information System (attend drop-in session to get guidelines on the selecting the topic and conducting the literature review). Do the literature review and select five articles from yo ...

View Answer
Q
icon

We aren't endorsed by this University

FIN407 International Financial Management

Questions: Question 1. Sate whether these statements below are an example of primary market transaction or secondary market transaction. Apple Computer decides to issue additional stock with the assistance of its investment banker. An investor purchases some of the newly issued shares. I ...

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

Choose Our Best Expert to Help You

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?