Prepare Company financial statements
Course:- Managerial Accounting
Reference No.:- EM13483

Assignment Help
Assignment Help >> Managerial Accounting

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

Question 1:

The subsequent 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












Non-Current Assets



Plant and Equipment



Less: Accumulated Depreciation












Total Assets






Current Liabilities



Accounts Payable















Share capital



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



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






Retained Profits






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 or 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.


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

Question 2:

Prepare Company financial statements question - Torquay Limited

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Managerial Accounting) Materials
What will the price be if Preston follows its normal pricing policy and briefly, indicate factors that, while hard to quantify, should be taken into account in this decision.
Compute the net present values of each of the alternatives. Compute the internal rate of return for each of the alternatives. Which alternative, if either, should Nugget
Perform an Internet search using the term, "activity based costing customer success stories," and locate an article (less than one year old) from the results of your search.
What qualitative factors (that is, issues with vendors, customers, or within the product itself) should the Ski Pro Corporation consider in determining whether they should m
Has what you have learned in this subject created an increased awareness of the importance of decision making as a management activity and which model or tool most influenced
Classification of Product and Period Costs - Classify the following costs incurred by a manufacturer of golf clubs as product costs or period costs. Also classify the produc
Assume a tax rate of 40 percent and those current losses can be used to offset taxable income in future years. What is the present value of tax savings related to the operatin
Calculate the total work done in equivalent units and the unit cost for April. Calculate the cost of units completed and transferred. Also, compute the costs in ending work in