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Question:

The purpose of the assignment is to provide students with a ‘real world’ application for the financial accounting topics

Hideaway Yoga

  • After a number of years as a successful CPA at a national firm, you decide to quit the rat race and pursue your true love — yoga. You decide you’re your neighborhood would be the perfect place to open an Ashtanga Yoga studio. Even better, your friend Yogi, a certified instructor, has just moved to town and is willing to teach at the studio. You hurriedly prepare to open the studio, Highaway Yoga, by July 1.
In readiness for your opening you make the following transactions:
  • You contribute $4,000 in cash to start the business.
  • You purchase $500 worth of mats and other equipment for use during classes.
  • You purchase an additional $400 worth of mats, equipment, and clothing for sale at the studio.
  • You purchase liability insurance at a total cost of $1,200. The policy covers July 1 through December31.
  • July
  • The following transactions take place during July.
  • You receive cash totaling $800 for classes.
  • Your instructor teaches classes for the month. You agree to pay $600 for the classes; $300 is paid on July 15, and $300 will be paid on August 3.
  • You pay rent for July of $1,000 on July 1.
  • You use utilities (electricity and water) totaling $200. This amount is payable on August 15.
  • August
  • The following transactions take place during August.
  • You receive $1,500 in cash for classes. Of this amount, $1,000 was for classes in August. The remainder is for 2-month passes allowing unlimited classes in August and September.
  • Your instructor again earns $600 teaching classes; $300 due on August 16 and $300 on September 1.
  • Utilities total $150, payable September 15.
  • You pay rent of $1,000 on August 1.
  • You sell inventory costing $150 for a revenue of $225.
  • You are worried about money, so your Uncle makes you an offer. He agrees to loan you $2,000 in cash. You will need to repay him sometime later, but he doesn’t say when.
  • A client is extremely dissatisfied with their class, and demands their money back. Reluctantly, you agree. The class cost $15.
  • After borrowing money, you decide to withdraw some of your investment in the studio to pursue other opportunities. You decide to withdraw $1,000.

Required:

  • Journalise transactions in the General Journal.
  • Post journal entries to the accounts in the ledger – running balance.
  • Journalise and post adjusting entries.
  • Journalise and post, closing entries.
  • Prepare a post-closing trial balance.
  • Prepare Income Statement and Balance Sheet as at 31 August 2020.

ACCT202 Financial Accounting

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BUSN7005 Contemporary Issues in Accounting

Task: Required1. As the article indicates, it is important given the COVID-19 crisis, that companies in Canada and around the world disclose any risk of default on debt arrangements. However, currently it is not standard practice for companies to disclose terms and conditions of their debt arrang ...

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ACC650 Acccounting Assignment

Task: Cases 12-41 and 13-42 should be prepared in a Word document with embedded Excel spreadsheets for relevant calculations and supporting schedules. You still need to post your Excel worksheet to show support for your calculations. Note, you must show your work in Excel, which includes providing ...

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Using the various theories that you have learnt so far, please explain in your own words: (a) What does ‘accountability ’mean? (Marks =5) (b) What aspects of corporate performance do you believe that abusiness organisation should be accountable for? (Marks =15) ...

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