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HA1020 Accounting Principles and Practices

Question

Answered

Task

Purpose:

This assignment is designed to assess your level of knowledge of the key topics covered in this unit.

Unit Learning Outcomes Assessed:

• Understand the logic and assumptions of accounting procedures;
• Record business transactions in the journals and ledgers that make up a business accounting system;
• Prepare financial statements; and
• Analyse and interpret financial statements.

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 11 inclusive and submit these answers in a single document.
 
The questions to be answered are:
 
Question 1 (7 marks)

(Note this question is from the Week 5 Tutorial)

Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:

Accounts

Debit ($)

Credit ($)

Cash

 

8,524

 

Accounts Receivable

 

7,000

 

Supplies

 

15,000

 

Prepaid Insurance

 

300

 

Insurance Expense

 

600

 

Equipment

 

27,000

 

Accumulated Depreciation

 

 

12,000

Other Assets

 

5,100

 

Wages Payable

 

 

1,500

Accounts Payable

 

 

7,500

Income Tax Payable

 

 

3,150

Share Capital (3000 shares outstanding all year)

 

 

16,000

Retained Profit

 

 

10,300

Sales Revenue

 

 

95,000

COGS

 

32,900

 

Wages Expense

 

18,000

 

Supplies Expense

 

25,680

 

Income Tax Expense

 

5,346

 

Total

 

145,450

 

145,450

 
Question 1 (Cont’d)
 
Required:
 
a. Prepare an Income Statement for Sandox Retail for the financial year 2019-2020. (2.5 marks)
b. Prepare a Balance Sheet as of 30 June (2.5 marks)
c. Prepare the closing journals for Sandox (2 marks)
 
Question 2 (7 marks)

(Note this question is from the Week 6 Tutorial)

Beacon Limited had the following trial balance as at 1 January 2019, as shown in the table below:

Account

Debit $

Credit $

Cash

250 000

 

Accounts receivable

600 000

 

Inventory

730 000

 

Prepaid insurance

60 000

 

Prepaid rent

50 000

 

Equipment

1 500 000

 

Allowance for doubtful debts

 

20 000

Accumulated depreciation

 

500 000

Accounts payable

 

700 000

Revenue received in advance

 

120 000

Income tax payable

 

530 000

Loan

 

600 000

Share capital

 

400 000

Retained profits

 

320 000

 

3 190 000

3 190 000

You are given the following additional information for the year ended 31 December 2019:

a) Bad debts of $14,380 were written off.
b) It was decided that allowance for doubtful debts should be 5 per cent of accounts receivable. 

Required:

1) Prepare journal entries for these transactions. (5 marks)
2) State the balance of the following accounts via T-ledger for the year ended 31 December 2019:
a) Accounts receivable (1 mark)
b) Allowance for doubtful debts (1 mark)

Question 3 (11 marks)

(Note this question is from the Week 7 Tutorial)

The following information has been extracted from the records of Kakadu Ltd, which sells special camping tents. The company uses the perpetual inventory system to record stock. Its monthly reporting date is 31 May. Kakadu Ltd uses the FIFO Method.

Date

Transaction

Quantity

$ Unit cost

1/05

Beginning balance

6

720

6/05

Purchases (850/unit)

4

600

16/05

Sold @1700/unit

8

?

17/05

Purchases

6

650

29/05

Sold @ 1500/unit

2

?

30/05

Sales Return from 29/03 Sales

1

?

 Required:

a) Ignoring GST and narrations, create and complete the inventory stock record shown above for transactions during the month of May.
b) Calculate the cost of inventory on hand as at 31 May and the cost of sales as at 31 May. 

Question 4 (7 marks)

(Note this question is from the Week 8 Tutorial)

Transactions and balances for Diana Wonder are provided below:

  • 31 Jul 2020 Bank Statement balance $ 78,495
  • 31 Jul 2020 balance per Diana’s records $ 77,370
  • Diana received a cash payment that she has not deposited $ 380
  • Diana issued a cheque payable to Michael Hill Enterprises that has not been presented to the bank $ 1,499
  • Bank charges for the month of July were $10
  • Interest on bank balance credited to Diana’s account $ 16
Required:

Perform a bank reconciliation.

a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020. (5 marks)
b) Based on your analysis, propose the adjusting entries (if any). (2 marks)

Question 5 (7 marks)

(Note this question is from the Week 9 Tutorial)

Greyhound Ltd purchased a new bus for $280,000. The company expects the bus to be used for trips between Sydney and Melbourne for 8 years, or 400,000 miles, with an estimated residual value of $40,000 at the end of that time. During the third (3rd) year, the bus was driven 60,000 miles.

Required:

Calculate the depreciation expense for the 3rd year using each of the depreciation methods: a), b) and c) stated below. (Show ALL of your workings and calculations)

a) Straight-line (2 marks)
b) Diminishing balance at 20% p.a. (2.5 marks)
c) Units-of-activity (2.5 marks)

Question 6 (11 marks) 

(Note this question is based on the Week 11 and Week 12 Tutorials)

Safeway Inc. had the following comparative current assets and current liabilities, as shown below:

Current Assets

                                                                               31 Dec 2019            31 Dec 2018

Cash

$ 65,000

$ 25,000

Marketable securities

30,000

15,000

Accounts receivable

42,000

80,000

Inventory

120,000

90,000

Prepaid expenses

    35,000

    20,000

Total Current Assets

$292,000

$230,000

 Current Liabilities

Accounts payable

$145,000

$130,000

Salaries payable

40,000

30,000

Income tax payable

    20,000

    15,000

Total Current liabilities

$205,000

$175,000

 
Additional Information

During 2019 net credit sales were $680,000 and the associated cost of goods sold was $365,000. Net cash provided by operating activities for 2019 was $142,000.

Question 6 (Cont’d) (11 marks)

Required:

Based on the comparative current assets and current liabilities of Safeway Inc., as shown above, compute the following ratios:

  1. Current ratio for both 2018 and (2 marks)
  2. Quick ratio for both 2018 and (3 marks)
  3. Current cash debt coverage ratio for (2 marks)
  4. Receivables turnover for (2 marks)
  5. Inventory turnover for (2 marks)

HA1020 Accounting Principles and Practices

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