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ACC00724 Accounting for Managers

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Task:

Question 1 

Top Cake shop was established on 1 April 2019 with an initial investment of $100,000 by the owner (Jack Claff). During the first few weeks of business, the owner employed a part-time book-keeper who recorded the following list of accounts:

Accounts payable $37,100

Buildings 100,000

Cash at bank 31,000

Furniture 12,000

Jack Claff – Capital 150,000

Baking Supplies 5,600

Loan payable 20,700

Accounts receivable 20,000

Land 43,200

Mortgage payable 40,000

Cash drawings by Jack Claff 36,000

Required:

a.Assuming that the amounts above are correct, prepare a statement of financial position in vertical format illustrated on page 56, Example 2.3. (show your calculations) 

b.Prepare a statement of changes in equity for the period and determine the amount of profit (loss) made by the business during the period of its first few weeks of existence, assuming that the owner had invested an additional $20,000 into the business just before the above amounts were calculated by the book-keeper. (must show your calculations) 

c.Why is it that, in an entity’s financial statements, assets leased by an entity are sometimes shown on that entity’s balance sheet even though those assets are not legally owned? Explain. You should disclose the source of your information by referencing and support your statements by research and readings.

Question 2 

The following transactions were undertaken by ABC Pty Ltd during the financial year ended 30 June 2019.

1.Sold for $12,000 used machinery with a carrying amount of $75,000.

2.Issued ordinary shares for cash, $300,000.

3.Purchased land to be held for future expansion for $220,000.

4.Paid off a long-term $90,000 loan plus interest of $8,000.

5.Purchased machinery, giving $50,000 cash and signing a mortgage loan for $90,000.

6.Purchased shares in A Ltd to be held as an investment for $100,000 cash.

7.Sold a long-term government bond, with a carrying amount of $45,000, for $56,000, including $5,000 accrued interest.

8.Purchased shares in Rouge Ltd to be held as a long-term investment, paying $170,000 cash.

9.Issued 7% debentures for $500,000

10.Paid cash dividends of $60,000

Required:

a.Prepare the net cash flow used in investing activities section of the statement of cash flows. Must show your calculations

b.Prepare the net cash flow used in financing activities section on the statement of cash flows. Must show your calculations 

What are the limitations of a statement of cash flows? Explain. You must disclose the source of your information by referencing and support your statements by readings and research. 

ACC00724 Accounting for Managers

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ACW 2391 Introduction to Management

This is a task for a group of 4 to 5 students. It is a self-selection process, where students select their own group members. Once formed, the members of thegroup must assume responsibility for management of the group.Group AssignmentUsing a case study of D.T. Hicks & Co (as attached): 1.Discuss ...

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Environmental issues

ANALYTIC REPORT This is a business analytics project aimed at generating innovative analytics solutions. It will allow students to show innovation and creativity in applying Watson Analytics/SAP Business Object/Predictive Analytics/HANA and designing useful visualization solutions and predictive ...

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ACCT5021 Accounting

Parker Ltd produce quality pens and pencils  and it has been producing and selling 10,000 sets per month . It provides the following information because it has been facing increasing competition both in the local market and from imported products:Manufacturing costsDirect material  &n ...

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AC116 Accounting II

Task:   The Annual Report Project (ARP) provides you the opportunity to analyze a corporate annual report. You will obtain the annual report of a Fortune 500 company from their company website and answer questions regarding the application of concepts studied in your financial accounting co ...

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