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ManualAccountingPracticeSetHiFiWay,AustralasianEdition3
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Nowthatyouhavecompletedtheendofmonthpostingprocedure,youareaskedtocompletetheworksheetforHiFiWay.
Theworksheetisaninternaldocumentthatexistsoutsidethejournalsandledgers.Itisoftenusedinthemanualaccountingsystemtohelprecordadjustingentriesandpreparefinancialstatements.Afteryouhavepreparedtheworksheet,inthenextsectionofthepracticesetyouwillbeaskedtousethecompletedworksheettohelpjournaliseandpostadjustingentriestogeneralledger.YouwillalsousethisworksheettoassistyouinpreparingthefinancialstatementsforHiFiWayinalatersectionofthispracticeset.
ThedetailsoftheendofmonthadjustmentsforJuneareasfollows:
CashRegistersownedbythebusiness:originalpurchasepricewas$9,000,estimatedusefullifewas6years,andestimatedresidualvaluewas$1,500attheendoftheusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciationexpensedividedbythenumberofmonthsinayear.StoreFixturesownedbythebusiness:originalpurchasepricewas$49,000,estimatedusefullifewas8years,andestimatedresidualvaluewas$5,500attheendoftheusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciationexpensedividedbythenumberofmonthsinayear.ElectricityexpenseforthemonthofJuneisestimatedtobe$968.ThewaterusageforthemonthofJuneisestimatedtobe$236.Salesstaffworkeverysingledayduringtheweekincludingweekendsandarenotpaiduntiltheendofeachtwoweeks.Wageswerelastpaiduptoandincluding28June.Wagesincurredafterthatday(from29Juneto30Juneinclusive)areestimatedtohavebeen$780perday.InterestexpenseincurredduringthemonthofJunebutnotyetpaidtoEarthBankforthebankloanis$265.InterestearnedfromshortterminvestmentsinBitiBankforthemonthofJuneis$105.Officesuppliestotalling$3,470arestillonhandat30June.2monthsofrentremainedprepaidatthestartofJune.3monthsofadvertisingremainedprepaidatthestartofJune.5monthsofinsuranceremainedprepaidatthestartofJune.
WhencalculatingtheportionofprepaymentsthatexpireduringthemonthofJune,youareaskedtoassumethatanequalamountofexpenseisincurredpermonth.
Instructionsforworksheet
Completeallcolumnsintheworksheet.Todothis,youneedtousetheunadjustedaccountbalancesprovidedinthegeneralledger.YouarealsorequiredtocalculatetheendofmonthadjustmentsforJuneandenterthemintotheworksheetbeforecompletingtheremainingcolumns.Notethatnotallboxesineachcolumnoftheworksheetwillneedtobefilled.
Afterperformingastocktake,thebalanceofinventoryonhandasat30Juneis$63,948.YouwillneedtousethisinformationtocompleteboththeIncomeStatementandtheBalanceSheetcolumnsoftheworksheet.Hint:Thisinformationwillassistyouincalculatingcostofsalesundertheperiodicinventorysystem.
Remembertoenterallanswerstothenearestwholedollar.
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(Q=820.worksheetQuestion)
HiFiWay
Worksheet
Asat30/06/2014
Acct.No. AccountName
UnadjustedTrialBalance Adjustments AdjustedTrialBalance IncomeStatement BalanceSheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 CashatBank 94700 94700 94700
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102 ShorttermInvestments 21000 21000 21000
110 ARCAccountsReceivableControl 5785 5785 5785
112 InterestReceivable 0 105 105 105
120 Inventory 75233 75233 75233 63948 63948
130 OfficeSupplies 7886 4416 3470 3470
140 PrepaidRent 6000 3000 3000 3000
141 PrepaidAdvertising 12000 4000 8000 8000
142 PrepaidInsurance 3000 600 2400 2400
150 CashRegisters 9000 9000 9000
151 AccumDepn:CashRegisters 2292 104 2396 2396
160 StoreFixtures 49000 49000 49000
161 AccumDepn:StoreFixtures 17672 453 18125 18125
210 APCAccountsPayableControl 880 880 880
220 WagesPayable 0 1560 1560 1560
221 ElectricityPayable 0 968 968 968
222 WaterPayable 0 236 236 236
225 InterestPayable 0 265 265 265
250 BankLoanPayable 53000 53000 53000
300 ShareCapital 80000 80000 80000
301 RetainedEarnings 106215 106215 106215
400 SalesRevenue 46326 46326 46326
401 SalesReturnsandAllowances 3504 3504 3504
402 DiscountReceived 66 66 66
403 InterestRevenue 217 105 322 322
500 Purchases 4550 4550 4550
501 PurchaseReturnsandAllowances 1876 1876 1876
511 AdvertisingExpense 4000 4000 4000
516 WagesExpense 10732 1560 12292 12292
540 RentExpense 3000 3000 3000
541 ElectricityExpense 968 968 968
542 WaterExpense 236 236 236
543 InsuranceExpense 600 600 600
544 OfficeSuppliesExpense 4416 4416 4416
545 SalaryExpense 5900 5900 5900
560 DepnExpense:CashRegisters 104 104 104
561 DepnExpense:StoreFixtures 453 453 453
571 InterestExpense 265 265 265
572 BankCharges 6 6 6
573 DiscountAllowed 248 248 248
Totals 308544 308544 15707 15707 312235 312235 115775 112538 260408 263645
Profit/loss 3237 3237
Totals 115775 115775 263645 263645
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HiFiWay
Worksheet
Asat30/06/2014
Acct.No. AccountNameUnadjustedTrial
Balance AdjustmentsAdjustedTrial
Balance IncomeStatement BalanceSheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 CashatBank 94,700 94,700 94,700
102 ShorttermInvestments 21,000 21,000 21,000
110 ARCAccountsReceivableControl 5,785 5,785 5,785
112 InterestReceivable 105 105 105
120 Inventory 75,233 75,233 75,233 63,948 63,948
130 OfficeSupplies 7,886 4,416 3,470 3,470
140 PrepaidRent 6,000 3,000 3,000 3,000
141 PrepaidAdvertising 12,000 4,000 8,000 8,000
142 PrepaidInsurance 3,000 600 2,400 2,400
150 CashRegisters 9,000 9,000 9,000
151 AccumDepn:CashRegisters 2,292 104 2,396 2,396
160 StoreFixtures 49,000 49,000 49,000
161 AccumDepn:StoreFixtures 17,672 453 18,125 18,125
210 APCAccountsPayableControl 880 880 880
220 WagesPayable 1,560 1,560 1,560
221 ElectricityPayable 968 968 968
222 WaterPayable 236 236 236
225 InterestPayable 265 265 265
250 BankLoanPayable 53,000 53,000 53,000
300 ShareCapital 80,000 80,000 80,000
301 RetainedEarnings 106,215 106,215 106,215
400 SalesRevenue 46,326 46,326 46,326
401 SalesReturnsandAllowances 3,504 3,504 3,504
402 DiscountReceived 66 66 66
403 InterestRevenue 217 105 322 322
500 Purchases 4,550 4,550 4,550
501 PurchaseReturnsandAllowances 1,876 1,876 1,876
511 AdvertisingExpense 4,000 4,000 4,000
516 WagesExpense 10,732 1,560 12,292 12,292
540 RentExpense 3,000 3,000 3,000
541 ElectricityExpense 968 968 968
542 WaterExpense 236 236 236
543 InsuranceExpense 600 600 600
544 OfficeSuppliesExpense 4,416 4,416 4,416
545 SalaryExpense 5,900 5,900 5,900
560 DepnExpense:CashRegisters 104 104 104
561 DepnExpense:StoreFixtures 453 453 453
571 InterestExpense 265 265 265
572 BankCharges 6 6 6
573 DiscountAllowed 248 248 248
Totals 308,544 308,544 15,707 15,707 312,235 312,235 115,775 112,538 260,408 263,645
Profit/loss 3,237 3,237
Totals 115,775 115,775 263,645 263,645
ManualAccountingPracticeSetHiFiWay,AustralasianEdition3(VBA3p)2010Perdisco/latin/.v.,learnthoroughlyhttp://www.perdisco.comTermsOfUse|PrivacyPolicy|Tuesday,June10,2014,13:49