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General => General Discussion => Topic started by: dazzler on July 13, 2012, 09:49:25 PM
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This is waaay out of left field but was wondering if there are any accountants out there that could help with a study question?
I am studying accounting fundamentals and just cant work out where to start on an assignment. Have about 30hrs of staring at the screen now :'(
Cheers in advance.
daz
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Post the assignment question.........ffs i hate accounting............
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I prefer to be called bean counter to accountant....
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Send the wife a message she is the LIL part of our username.
She is studying accounting and scoring 100% in all her exams so far......she been doing it a while just didnt have the bit of paper..... ;D
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Post the assignment question.........ffs i hate accounting............
I reckon posting the assignment will involve a double entry and right about there is where the OP is having problems ???
It's why most of us in biz employ book-keepers but never cheque signers.
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Send the wife a message she is the LIL part of our username.
She is studying accounting and scoring 100% in all her exams so far......she been doing it a while just didnt have the bit of paper..... ;D
Well done lil!!!
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Thanks for the replies and help. I will send lil stookie an xls of the question as well.
I figure that first up I need to do a statement of cash flows and then a profit and loss (statement of financial performance) statement and from that the balance sheet (Statement of Financial Position). Havent even thought of the classified income statement yet.
First time ever doing this stuff. I am not analytical in the slightest but figured you could get templates for all these off the net and then add your figures and bake for 20min and all sweet. Sadly I was wrong.
I think I will be okay if I can just get started.
Spreadsheet (http://www.myswag.org/gallery/d/40343-1/Dazzler+hates+accounting+jpeg.jpg)
cheers
Here is the question
Dazzler hates accounting
Statement of Financial Position
as at 30 June 2011
Current Assets $ $ $
Cash at bank 4,800
Prepaid rent 5,400
Accoounts Recievable 27,100
Inventory 19,300 56,600
Non-current Assets
Fittings and Furniture (cost) 35,000
Accumulated depreciation 3,000 32,000 32,000
Total Assets 88,600
Current Liabilities
Accrued wages 3,900
Accounts Payable 31,200
Total Liabilities 35,100
Owners' Equity
Capital 53,500
Total Liabilities + Owners Equity 88,600
Additional notes and transactions
1/1/12 borrowed $30k for 7yrs to buy delivery van expected to be used for 5yrs and then sell for $5k
Cash sales = $49k. Credit sales = $205k (total cost of inventory sold $110,700
Rent for the year is $21k and they have paid $15600.
Credit purchases were $102,100
Furniture and fittings depreciated 10% of cost
Wages were $62k. On 30/1/12 they owed $1200 in wages for the last week
Rates of $2400 were paid for period 1/1/12 to 31/3/13
delivery van expenses were $7100
Other expenses: Advertising $1900 and admin of $8700
Electricity bill $3300. On 28/6/12 an electric bill of $410 for 1/4/12 to 30/6/12 arrived
Reciepts for accounts recievable totalled $197,900
Payment to accounts payable for credit purchases of inventory totalled $106,100
Interest on van load alculated as 5% of the balance outstanding at 30/6/12. This had not been paid by 30/6/12
$25k cash was removed for personal use.
PREPARE A STATEMENT OF FINANCIAL POSITION AS AT 30/6/12
PREPARE A CLASSIFIED INCOME STATEMENT FOR THE YEAR ENDING 30/6/12 FOR DAZZLER HATES ACCOUTING
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Isn't an Accountant just an Auditor with a personality?
Spent 35 years checking my little piece of paper every morning, "dr on the left cr on the right"
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Agh Dazzler! I'm a bit behind the times!!! I can't read it on my phone, so will have to wait til tomorrow (today).
Lil :)
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I haven't come across a couple of those terms, but I'd start with a balance sheet I think and then P&L.
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