Financial Accounting Trail Balance And Profit Questions Homework Help
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1.what are the main characteristics of the balance sheet and what is it purpose?
2.You have $14,800 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $6,400. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
3.Using a Business activity statement from ATO, You are required to apply to correct GST code against the following business balances for the period January to March; the company uses the accrual basis when accounting for GST. All of these amounts include GST if applicable.
Account Total amount
$ BAS code
Sales invoiced (inc. GST)
Other GST-free sales 16,800
Purchase invoices (inc. GST)
Assets purchased 60,700
Purchase of materials 115,200
General journal bills
Petrol for company vehicle 2,200
PAYG withheld from salaries and wages 33,400
ATO-assessed income rate 3.60%
It is important that bookkeepers are able to calculate GST amounts accurately.
Calculate GST on an invoice received for payment of education fees; total invoice amount is $2,200
4.Following are the accounts and Balance of Sunmoon Sunglasses Shop as on January 31 2010, following a clear and appropriate structure and format and conform to organisation requirement to ensure that statements and data are error free and comprehensive, Prepare:
• A Trial balance.
• A statement of Financial Performance (profit and Loss account).
• A statement of Financial Position (balance sheet.)
Make the report that you have prepared is cross checked against original data and accounting standard.
Accounts Cash $ 41,150
Accounts Receivable 4,806
Allowance for Doubtful Accounts 58
Prepaid Insurance 2,200
Accounts Payable 1,500
Interest Payable 90
Payroll Taxes Payable 113
Wages Payable 817
Mortgage Payable 18,000
Owner's Investment 50,000
Repair Revenue 20
Cost of Goods Sold 3,504
Bad Debt Expense 58
Bank Charges 50
Insurance Expense 200
Payroll Taxes 603
Interest Expense 90
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5.In the year ended 30 April 2005, the bookkeeper of V R Cross, wholesaler, made the following errors.
a) He wrote off as a bad debt the amount owing by N Ever ($400). He credited $400 to the N Ever account, but debited the bad debts account with $40.
b) A payment of $200 made to Julie Andrews was credited to the account of Janet Andrews.
c) A credit note for $160 in respect of goods returned to Asif Iqbal, a supplier, was lost and no entries made in the books.
d) On 1 January 2005, an insurance premium of $1 200 for the period 1 January to 31 December 2005 was paid; no adjustment was made for the amount paid in advance at 30 April 2005.
e) The total of the purchase returns book was undercast by $100.
f) The total of the discount allowed column in the cash book, $250, was posted to the credit side of the discount received account.
g) A cheque for $ 195 received from A N Other on 16 April 2005, in full settlement of her account, was entered correctly. No cash discount was involved. The cheque was dishonoured on 27 April 2005, but no entry for this was made in the books.
You are asked to do the following:
Show the effect of each error on the trial balance and the net profit for the year ended 30 April 2005.Draw up the table, in your answer book and complete it for each of the items (a) to (g) above. Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority.
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