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Subject Code : HA1020
Assignment Task

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 11 inclusive and submit these answers in a single document.

Question 1 (7 marks)
(Note this question is from the Week 5 Tutorial)
Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:

Required:
a) Prepare an Income Statement for Sandox Retail for the financial year 2019-2020. (2.5 marks)
b) Prepare a Balance Sheet as of 30 June 2020. (2.5 marks)
c) Prepare the closing journals for Sandox Retail. (2 marks)

Question 2 (7 marks)
(Note this question is from the Week 6 Tutorial)
 Beacon Limited had the following trial balance as at 1 January 2019, as shown in the table below:

a) Bad debts of $14,380 were written off.
b) It was decided that allowance for doubtful debts should be 5 per cent of accounts receivable.
Required:
1) Prepare journal entries for these transactions. (5 marks)
2) State the balance of the following accounts via T-ledger for the year ended 31 December 2019:
a) Accounts receivable (1 mark)
b) Allowance for doubtful debts (1 mark)

Question 3 (11 marks)
The following information has been extracted from the records of Kakadu Ltd, which sells special camping tents. The company uses the perpetual inventory system to record stock. Its monthly reporting date is 31 May. Kakadu Ltd uses the FIFO Method.

Required:
a) Ignoring GST and narrations, create and complete the inventory stock record shown above for transactions during the month of May.
b) Calculate the cost of inventory on hand as at 31 May and the cost of sales as at 31 May.

Question 4 (7 marks)
(Note this question is from the Week 8 Tutorial)
 Transactions and balances for Diana Wonder are provided below:
• 31 Jul 2020 Bank Statement balance $ 78,495
• 31 Jul 2020 balance per Diana’s records $ 77,370
• Diana received a cash payment that she has not deposited $ 380
• Diana issued a cheque payable to Michael Hill Enterprises that has not been presented to the bank $ 1,499
• Bank charges for the month of July were $10
• Interest on bank balance credited to Diana’s account $ 16
 Required:
Perform a bank reconciliation.
a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020. (5 marks)
b) Based on your analysis, propose the adjusting entries (if any). (2 marks)

Question 5

Greyhound Ltd purchased a new bus for $280,000. The company expects the bus to be used for trips between Sydney and Melbourne for 8 years, or 400,000 miles, with an estimated residual value of $40,000 at the end of that time. During the third (3rd) year, the bus was driven 60,000 miles.

Required:
Calculate the depreciation expense for the 3rd year using each of the depreciation methods: a), b) and c) stated below. (Show ALL of your workings and calculations)
a) Straight-line (2 marks)
b) Diminishing balance at 20% p.a. (2.5 marks)
c) Units-of-activity (2.5 marks)

Submission Directions

The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one.

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

 

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  • Posted on : September 29th, 2018

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