Assessment Task – Tutorial Questions Unit Code: HI5001 Unit Name: Accounting for Business Decisions Assignment: Tutorial Questions 1 Due: 11:30pm 29th May 2020 Weighting: 25% Total Assignment Marks:...

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Assessment Task – Tutorial Questions Unit Code: HI5001 Unit Name: Accounting for Business Decisions Assignment: Tutorial Questions 1 Due: 11:30pm 29th May 2020 Weighting: 25% Total Assignment Marks: 50 marks Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed: 1. Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders; 2. Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses; 3. Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making; 4. Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies. Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These 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 for weeks 1 to 5 inclusive and submit these answers in a single document. The questions to be answered are: Week 1 Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (10 marks, maximum 250 words) Week 2 Financial data for Safety Hire as of 30 June 2019 are: Required: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks) Week 3 On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. Required: a) Prepare the general journal entries to record the above transactions. (6.25 marks) b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks) c) Prepare a trial balance as at 31 July 2018. (1 mark) Week 4 The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration. 1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at 8% interest. The principal and interest are payable on 15 August. 2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance. 3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid. 4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue. 5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June. Required: Prepare the necessary adjusting entries at 30 June. (10 marks) Date Accounts Ref Debit Credit Week 5 The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows. ELLIOT PAINTING SERVICES Worksheet (Partial) for the year ended 30 June 2019 Adjusted trial balance Income statement Balance sheet Account Debit Credit Debit Credit Debit Credit Cash at Bank 1 230 Accounts Receivable 75 600 Prepaid Rent 1 800 Office Supplies 8 320 Equipment 160 000 Accum. Depr. Equip’t 25 000 Accounts Payable 54 000 Salaries Payable 8 760 Unearned Revenue 3 430 F. Elliot, Capital 101 500 F. Elliot, Drawings 22 000 Painting Revenue 219 650 Salaries Expense 106 000 Rent Expense 6 050 Depreciation Expense 8 040 Telephone Expense 4 020 Office Supplies Used 10 080 Sundry Expenses 9 200 $412 340 $412 340 Profit for the period Required: a) Complete the worksheet. (6 marks) b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period. (4 marks) Submission Directions: The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one. Academic Integrity Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number. In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues. All assessments will be automatically submitted to SelfAssign to assess their originality. Further Information: For further information and additional learning resources, students should refer to their Discussion Board for the unit.
Answered Same DayMay 15, 2021HI5001

Answer To: Assessment Task – Tutorial Questions Unit Code: HI5001 Unit Name: Accounting for Business Decisions...

Pallavi answered on May 16 2021
141 Votes
Week 1
The statement ‘Accounting is all about numbers’ is totally wrong. It is much wider in scope when compared by saying that it is only termed as numbers. Accounting is the process where each transaction is being recorded as per the generally accepted accounted principles and policies to deliver true an
d fair statement of the company. Accounting is the basic part for every entity either it is big giant firms or small firms. It enhances effective decision making in various field. It helps to account cost planning and measure the performance of the company from year to year. It also helps in comparison of various companies related to the same fields thereby giving a sense of effectiveness in the market. The reports produced in such process are helpful for the external users such as creditors, customers to rely on it. From accounting, one can generate various reports to use it in near future for further effective decision making. It monitors the growth of the company. It helps in production of financial statements of the company at the end of the year such as Balance Sheet, Income Statement, cash flow Statement. It helps in income tax planning. It also helps businesses to decide which project is beneficial for the company and which is not. Accounts are a base for all the transaction which has occurred in the past, happening in the present and which will take place in near future. It is a place where all transactions are recorded and then summarised to deliver financial reports.
Week 2
    Income Statement for Safety Hire as of 30th June 2019
    Particulars
    Amount
    Particulars
    Amount
    Wages Expenses
    75000
    Equipment hire Income
    170000
    Advertising Expenses
    30000
     
     
    Electricity Expense
    18000
     
     
    Telephone Expense
    7500
     
     
    Net Profit
    39500
     
     
     
    170000
     
    170000
    Balance Sheet for Safety Hire as of 30th June 2019
    Particulars
    Amount
    Amount
    Current Assets
     
     
    Accounts Receivables
    63000
     
    Cash at bank
    45000
    108000
     
     
     
    Non Current Assets
     
     
    Building
    85000
     
    Land
    75000
     
    Hire Equipment
    180000
    340000
     
     
    448000
    Liabilities
    Amount
    Amount
    Current Liabilty
     
     
    Accounts Payable
    40000
    40000
     
     
     
    Non Current Liabilities
     
     
    Capital
    188500
     
    Net Profit
    39500
     
    Mortgage Payable
    130000
     
    Loans Payable
    50000
    408000
     
     
    448000
Week 3
    Journal Entries of Nicole Andreau as on 1st July 2018
    Date
    Code
    Particulars
    Amount $
    Amount $
    Jul-02
    100
    Cash at Bank Dr
    120000
     
     
    300
     To Nicole Andreou, capital
     
    120000
    ( being invested in business)
    Jul-02
    500
    Rent Expenses Dr
    1800
     
     
    100
     To Cash at Bank
     
    1800
    ( being first month rent paid)
    Jul-03
    103
    Equipment A/c Dr
    34000
     
     
    100
     To Cash at Bank
     
    34000
    (being equipment purchased throgh online)
    Jul-03
    100
    Cash at Bank Dr
    38000
     
     
    200
    To Loan payable
     
    38000
    ( being commercial...
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