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 23, 2021HI5001

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

Pallavi answered on Jun 02 2021
144 Votes
Week 1
Accounting is the process from which every entity records their day to day transactions pertaining to their business. Accounts give the moral base regarding how the business activities should get recorded thereby establishing the concept of debit and credit effectively. In this process every amount would be recorde
d simultaneously for debit as well as for credit thereby making a balance between assets and liabilities side of the enterprise. Further, the development of such process helps in the preparation of various reports at the end of the financial year such as Income statement, Balance sheet, Cash Flow Statement. Every small or big business relies on the accounts for further decision making. Also, shareholders, creditors, lenders use financial statements to know about the financial position of the company effectively. From such report they can analyse the company performance from another companies thereby delivery the knowledge where exactly the company is standing. The company can also review their present performance from the past performance that helps to understand whether the company is under performing or over performing. Such reports also helps to forecast the performance of the company and able to take up new financial projects accordingly. If the company is looking for expansion there should be enough back support of good accounting system thereby ensuring each and every activity of the business is getting recorded efficiently. Hence, Accounting is just not numbers but it gives the back support for each small and giant business firms. Therefore, the said statement is not correct.
Week 2
    Income Statement of Safety Hire as on 30th June 2019
    Particulars
    Amount in $
    Particulars
    Amount in $
    Wages Expenses
    75000
    Equipment hire Income
    170000
    Advertising Expenses
    30000
     
     
    Electricity Expense
    18000
     
     
    Telephone Expense
    7500
     
     
    Net Profit
    39500
     
     
     
    170000
     
    170000
    
    
    
    
    
    
    
    
    Balance Sheet of Safety Hire as on 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 Liability
     
     
    
    Accounts Payable
    40000
    40000
    
     
     
     
    
    Non Current Liabilities
     
     
    
    Capital
    188500
     
    
    Net Profit
    39500
     
    
    Mortgage Payable
    130000
     
    
    Loans Payable
    50000
    408000
    
     
     
    448000
    
Week 3
a.
    Journal Entries of Nicole Andreau as on 1st July 2018
    Date
    Code
    Particulars
    Amount in $
    Amount in $
    Jul-02
    100
    Cash at Bank Dr
    120000
     
     
    300
     To Nicole Andreou, capital
     
    120000
    ( being invested capital through cash)
    Jul-02
    500
    Rent Expenses Dr
    1800
     
     
    100
     To Cash at Bank
     
    1800
    ( being rent paid for first month)
    Jul-03
    103
    Equipment A/c Dr
    34000
     
     
    100
     To Cash at Bank
     
    34000
    (being equipment purchased)
    Jul-03
    100
    Cash at Bank ...
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