Briefly explain the registrations and legal requirements

Assignment Help Accounting Basics

Reference no: EM131233289

Assignment Details:

As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services to the general public. She registers the new business and opens a new bank account with the local branch of Eastside Bank. Note the business is also registered for GST.

Adjustments

-Calculate the outstanding payroll liability (2 days for each employee)

-Calculate and record the insurance expense for the two months

-Calculate and record the Telephone expense for the two months

-Calculate and record the prepaid rent (5 Days)

-Calculate and record the depreciation expense for the 2 Months

-A stock take of the Accessories revealed that there were:

19 Bouquets
7 Buttonhole Sprays
4 Headpieces

-Any discrepancy with the calculated FIFO inventory is to be written off to account 6065 Stock write off expense

-Only 10 days of the 30 days advertising has been used.

Note all adjustments rounded up to nearest full dollar amount.

This should be done in your assignment in the Report Worksheet.

Write a brief report to Julie and Katy commenting on the financial performance of the business:

-Calculate the following financial ratios and provide comments

Current ratio

Industry average is 5:1
Accounting Norm is 3:1

Quick ratio

Industry average is 4 : 1
Accounting Norm is 1:1

-Calculate and provide a cash flow statement for the first month of trading.

-List and briefly explain the registrations and legal requirements that Katy would have undertaken to establish the business name as a sole trader.

-Katy is contemplating for Alex Perry a partnership or a company. What extra General Ledger accounts would have to be created for

A Partnership
A Company

Attachment:- Assignment.rar

Reference no: EM131233289

Questions Cloud

Relfect on legacy of apartheid : Relfect on legacy of apartheid, the kinds of violence it instituted, and various forms of activism that helped bring it to an end.

Find the entropy generation using constant specific heats : The system is now heated to 1600 K by heat transfer from a 1700 K source. Find the entropy generation using constant specific heats for air.

What are advantages and disadvantages of the footprint model : Answer how does the ecological footprint model addresses the effecrs of population and technology on resource use? What are the advantages and disadvantages of the footprint model?

World-wide database of domain names : The world-wide database of domain names and corresponding IP addresses is called the Domain Name System. Servers that host part of the Domain Name System are called domain name servers, or DNS servers.

Briefly explain the registrations and legal requirements : ACC506 Major Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. List and briefly explain the registrations and legal requirements that Katy would have undertaken to establish the bu..

Find the final pressure and temperature entropy genertion : The valve is opened, and the nitrogen fills both tanks at a uniform state. Find the final pressure and temperature and the entropy generation this process causes. Why is the process irreversible?

Performance impacts overall program performance : In addition, write a 2- to 3-page paper that evaluates how I/O performance impacts overall program performance. Make sure to include the following:

Create the statement of stockholders equity : Prepare the Journal Entries for the items listed below in Exhibit 1. Be sure to date your entries. You do not need to provide explanations - Bsed on your results in Parts A and B, create the Statement of Stockholders' Equity for Shoes for You, Inc...

After reading the given artricle write a reading response : After reading the given artricle write a reading response.- Given the articel topic is: "Religion in Chinese Society".

User Account

All Pages