+1-415-670-9189
info@expertsmind.com
Financial accounting assignment
Course:- Financial Accounting
Reference No.:- EM13285




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Financial Accounting

Case Study

Research question consists of a case study: You are a graduate accountant working for White and Associates a public accounting firm. The address the firm is 777 South Terrace, Adelaide SA 5000. The manager of your firm, Mr Paul Jones has asked you to draft a letter in response to an email received from a client - Mr Steven Evans, the managing director of Pacific Ltd, raising a number of issues regarding his company.

Question 2

The following is a balance sheet for Happy Feet Ltd as at 30 June 2013. On that date the company went into voluntary liquidation.

Happy Feet Ltd

Balance Sheet as at 30th June 2013

Current  Assets

$

$

Cash at bank

14,500

 

Receivables

16,000

 

Inventory

14,500

45,000

 

 

 

Non-Current Assets

 

 

Plant and Equipment

164,000

 

Less: Accumulated Depreciation

135,000

 

 

  29,000

 

Land

  86,000

115,000

 

 

 

Total Assets

 

160,000

 

 

 

Current Liabilities

 

 

Accounts Payable

 

 72,000

 

 

 

NET ASSETS

 

 88,000

 

 

 

Equity

 

 

Share capital

 

 

95,000 Shares issued at $1 and called to $0.50

47,500

 

Less: Calls in arrears (5 000 shares at $0.25 each)

  1,250

46,250

Reserves

 

22,000

Retained Profits

 

19,750

EQUITY

 

88,000

Additional Information:

1. All assets were sold and realized cash of $215,500 and calls in arrears were collected/

2. The cost of liquidation was $3,235 and this was paid in cash to the liquidator.

3. Accounts Payables allowed us a discount of $3,200 and the outstanding debts were paid.

4. The electricity bill/invoice for June 2013 amounted to $675. This was received on 3 July 2013 and was paid by the company. It had not been recorded in the accounts previously.

Required:

Using the information above, prepare the attached general ledger T-accounts     

Question 3:

Company financial statements question - Torquay Limited 




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Financial Accounting) Materials
A company produces cupcakes in large batches. Three departments are involved in the production process - mixing, baking, and packaging. The company uses a process system. If t
Fairmount Inc., a developer of radiology equipment, has stock outstanding as follows: 19,000 shares of cumulative preferred 4% stock, $110 par, and 63,000 shares of $5 par com
what would you pay for an investment that pays you $20000 at the end of each year for the next ten years and then returns a maturity value of 300,000 after ten years? assume
Using a theory of constraints (TOC) approach, rank the products in terms of profitability. Illustrate what price for lemonade would equate its profitability to that of soda
Create a memo to a group of students interested in pursuing careers in management accounting. Include in the memo, the role of management accounting and how management accou
Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed some of its financial performance measurements in
Ralph Co. uses a plant-wide rate based on direct labor hours to assign its overhead costs. The estimated overhead costs are $400,000. There are two major categories of overhea
Discuss why cash is inherently a high-risk item on the balance sheet but not as high a risk to the actual audit program itself. Consider these questions: When is cash a high r