Reference no: EM131037239
The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to:
• Prepare a 10-column worksheet for the year ended 30 June 2015. Prepare the income statement, balance sheet and statement of change in equity.
Journalise the closing entries.
Account
|
Debit ($)
|
Credit ($)
|
Cash at Bank
|
42,000
|
|
Prepaid rent
|
10,000
|
|
Accounts receivable
|
92,600
|
|
GST Receivable
|
9,200
|
|
Office Supplies
|
11,400
|
|
Land
|
600,000
|
|
Building
|
1,520,000
|
|
Accumulated depreciation- Building
|
|
640,000
|
Office Equipment
|
234,000
|
|
Accumulated depreciation - Office equipment
|
|
64,200
|
Accounts Payable
|
|
79,600
|
Unearned consulting fees
|
|
15,600
|
GST Payable
|
|
20,000
|
Mortgage payable
|
|
886,000
|
D. penny, Capital
|
|
714,900
|
D.penny, Drawings
|
527,800
|
|
Consulting fees revenue
|
|
1,568,600
|
Insurance expense
|
16,600
|
|
Salaries expense
|
879,400
|
|
Electricity Expense
|
7,600
|
|
Interest expense
|
20,900
|
|
Telecommunication expense
|
17,400
|
|
The following information is also available:
• The rent was paid in advance for 12 months on 1st April 2015
• The physical count of office supplies reveals that supplies totalling $4,200 are on hand at 30th June.
• The balance in the unearned consulting fees account includes $ 12,000 earned for services rendered in the last week of June.
• Estimated depreciation on the office equipment is $21,400. Depreciation on the building is $87,600
• A 12-month insurance policy was purchased on 1 April for $7,800 plus GST.
• The June monthly mortgage payment of $9,000 has not been paid or recorded. In each payment, $2,200 is attributable to interest.
• The June telecommunications costs for $3,200 are unrecorded. No tax invoice has been received.
• Salaries of $9,800 were owing to employees at 30 June 2015.
• Office expenses of $2,000 incurred but not paid until 30 June 2015.
• At the end of the year consultation services of $150,000 were provided but Daniel did not receive any cash for this yet.
Comparing companies of different sizes
: After answering these questions, describe some of the risks related to comparing companies of different sizes. Additionally, explain what risks are involved with comparing two companies in the same industry.
|
Determine the acceleration of each slider
: For the position where x4 = 0.4 m, the velocity of A is vA = 0.9 m/s to the right. Determine the acceleration of each slider and the force in the bar at this instant.
|
Explain the functions of distribution channels
: What factors are important in determining whether a manufacturer should choose a direct or indirect chan- nel? Why do some firms use hybrid marketing systems?
|
Problem regarding the return on stock investments
: What is the most you would be willing to pay for a share of Texas if you expect a 8% return on your stock investments?
|
Prepare the income statement and balance sheet
: FINANCIAL ACCOUNTING PRACTICE (BBAC301). The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to: Prepare the income statem..
|
How project team apply the given knowledge areas
: The project team is required to submit a report illustrating how the project team will apply the following knowledge areas that have been learned in this unit to Project.
|
Problem regarding the return on stock investments
: What is the most you would be willing to pay for a share of Texas if you expect a 8% return on your stock investments?
|
Improve and create value
: At the annual board meeting of the Hardaway Company, CEO Eric Seaborne makes a presentation about the company's balanced scorecard by posing five questions to the board members. The question that most pertains to the internal perspective of the ba..
|
Decision support system and executive support system
: Which of the three classifications of decision making---unstructured, semi-structured, or structured---benefit most from a management information system (MIS), a decision support system (DSS), or from an executive support system (ESS)?
|